The economy is gnawing at the wallets of Americans, and even more so for those who rely on Social Security and Supplemental Security Income benefits.
Fortunately, the Social Security Administration announced in October an increase of benefits by 3.2% for more than 71 million Americans who receive Social Security and SSI benefits. In 2024, recipients can expect an additional $50 or more monthly.
“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, in a statement.
Social Security is a federal retirement program that provides benefits and a source of income for eligible retired workers who are 65 or older. According to the administration, there are more than 66 million beneficiaries. Supplemental Security Income provides monthly payments for an estimated 7.5 million people with disabilities or low-income older adults.