Social Security recipients to get a 3.2% benefits increase in 2024

The Social Security Administration announced Thursday that benefits will increase 3.2% in 2024 for the country's over 70 million recipients. 

This will result in the average monthly check for a retired worker to rise to $1,907. That's up $59 from $1,827 this year, according to Forbes.

Seniors can start receiving their social security benefits as early as 62, but are entitled to full benefits at the full retirement age of 66.

The agency stated that those on Social Security will receive the increased payments on Dec. 29.

"Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses," said Kilolo Kijakazi, acting commissioner of Social Security.

This is a small boost compared to the 2023 cost of living adjustment which was 8.7% in 2023.  

“It’s a small amount, but it’s providing some cushion,” Mary Johnson, Social Security policy analyst at The Senior Citizens League, told CNN. “We have the hope that things are going to be more affordable.”