The Social Security Administration announced that it will increase benefits by 3.2% for recipients in 2024. The SSA's announcement came as the Bureau of Labor Statistics released the updated consumer price index, indicating the price of goods and services increased 3.6% in the 12-month period ending in September.
According to the Senior Citizens League, people who retired before 2000 have lost 36% of their buying power. On average, these retirees, generally over age 85, would need an extra $516 a month to maintain the same buying level as 2000. The Social Security Administration says it bases its cost-of-living adjustment on the consumer price index for urban wage earners and clerical workers. The Bureau of Labor Statistics releases consumer price index data monthly.