In a surprising turn of events, Social Security recipients are set to receive a 3.2% increase in their monthly payment for next year, as reported by NBC News. This adjustment is a result of inflation rising slightly more than expected. Previously, the Senior Citizens League projected a 3% increase for 2024, but now it seems that recipients may receive an even larger increase. If this projection holds true, the average monthly payment will jump by about $57, reaching $1,790. However, advocates argue that these increases are still not enough to prevent seniors from falling further behind.
The Census Bureau recently revealed that the poverty rate among seniors increased between 2020 and 2021, making them the only age group to experience a rise in poverty during this period. According to USA Today, last year’s increase brought the poverty rate to 14.1% once various factors such as government assistance, taxes, and necessary expenses were taken into account. Mary Johnson, a representative from the Senior Citizens League, explained that the rise in inflation in 2021 and 2022 caused Social Security benefits to fall behind by $1,054 on average. This has left 53% of retirees unsure if they will ever be able to recover, as their household costs have risen beyond the amount of their cost-of-living adjustments (COLAs). The final decision regarding the increase will be announced in mid-October by the Social Security Administration. (Read more Social Security stories.)
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