Social Security benefits will increase by 3.2% next year

Published: Oct. 12, 2023 at 10:10 PM EDT
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LANSING, Mich. (WILX) - People who collect social security benefits are about to get a raise. According to the Social Security Administration, more than 71 million Americans will see a 3.2% increase in 2024.

James Wohlscheid depends on his social security check each month to cover gas, groceries and other expenses. He said any extra money would help out as prices continue to rise.

Wohlscheid said, “I’ve been on social security since 2003.” He added, “That’s the only income I have is my social security.”

The AARP estimated that the increase would equal an additional $59 a month beginning in January. It’s a much smaller increase than the past two years.

“You know, better than nothing,” said Wohlscheid.

Retirement planning expert Dawn-Marie Joseph said social security beneficiaries are seeing less of an increase because inflation rates have decreased.

“They feel that the 3.2 is going to be enough for people to afford what they want to do. To be able to live their regular standard of living,” said Joseph.

She said it’s a number that’s not going to change, but believes people should be getting more. Even though inflation has decreased when you go to the grocery store or gas station it isn’t noticeable. Joseph said getting more money in a social security check could mean losing other benefits like EBT or SNAP programs.

“It’s a real catch-22,” said Joseph.

Wohlscheid said every little bit helps in the end.

Next year’s social security boost follows the 8.7% benefit increase this year, which Joseph said was the largest cost of living adjustment since 1981.

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