Beneficiaries Face Changes in Social Security Benefits Starting in 2024
Washington, D.C. – Each year, the Social Security Administration (SSA) makes adjustments that impact benefit payments for millions of Americans. While the cost-of-living adjustment (COLA) usually garners the most attention, other changes are equally crucial for beneficiaries’ financial well-being. In 2024, the COLA for Supplemental Security Income (SSI) recipients will be 3.2%, a significant decrease from the 8.7% increase in 2023. Despite this reduction, the new COLA is still higher than the average increase of …