Social Security benefits to receive 3.2% pay bump next year: See how much money you could receive
FILE-In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on October 14, 2021 in Washington, D.C. (Photo illustration by Kevin Dietsch/Getty Images)
Social Security recipients will receive a much smaller cost-of-living adjustment in 2024 as inflation continues to moderate from the red-hot pace seen last year.
Beginning in January, more than 71 million Americans collecting Social Security will see a 3.2% bump in their checks, the Social Security Administration announced last week.
"Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks to help them keep up with rising prices," said Jo Ann Jenkins, AARP chief executive. "We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important."
INFLATION RISES MORE THAN EXPECTED IN SEPTEMBER AS HIGH PRICES PERSIST
An increase of this magnitude will raise the average retiree benefit by about $59 per month to $1,907.
However, the Social Security program provides benefits to several groups, including retirees, disabled workers and survivors of deceased workers – meaning the average payout may vary drastically.
For instance, retired workers would likely see the biggest benefit bump, with the average monthly check climbing from $1,841 to $1,900 next year. Spouses of workers would receive the smallest pay increase, with monthly payments rising from about $888 to $916 in 2024.
FED SKIPS AN INTEREST RATE HIKE, BUT HIGH MORTGAGE RATES COULD BE HERE TO STAY
The SSA will provide notices through the mail and online through the My Social Security portal that include your new monthly benefit for next year in December. The notices will show your current or expected future benefits based on your retirement age and work history.
In the meantime, you can calculate the payment increase yourself.
To do so, simply multiply your current benefit amount by 0.032 to determine how much your monthly payment could increase.
For instance, if you receive an average monthly payment of $1,567, you would multiply that by 0.032 to determine that your checks will increase by about $50 per month next year.
Get the latest updates on this story at FOXBusiness.com
Smoke in cabin forces Boston-bound Delta flight to make emergency landing in Portugal
A mechanical problem with a Delta Airlines flight headed from Barcelona, Spain, to Boston prompted an emergency landing in Portugal on Sunday, the airline operator told Reuters.
NASA, Boeing to discuss what's next for Starliner
NASA and Boeing will provide an update on the future of Boeing's Starliner spacecraft.
Popular pantry product can't legally be called peanut butter — here's why
Peanut butter is a spread by definition, but when the word "spread" appears on a peanut butter jar label, it's most likely satisfying a legal requirement rather than acting as a simple descriptor.
Breakfast chain franchisee files for bankruptcy as rising costs, weak sales weigh
The operator of a Village Inn restaurant in Oldsmar, Florida, has filed for Chapter 11 bankruptcy protection after reporting more than $554,000 in liabilities, according to court filings obtained by FOX Business.
Deputies search for missing, endangered man in Sumter County
A 63-year-old man was reported missing in Bushnell, according to the Sumter County Sheriff's Office.
Orlando weather: Another pleasant day before humidity, storms return to Central Florida
After a morning in the 60s, temperatures will be slightly warmer than the beautiful weather we had over the weekend.
Orlando AM Weather Forecast: Pleasant weather continues Monday
The pleasant weather over the last few days in Central Florida is sticking around Monday. Temperatures will be in the upper 80s with lower humidity. FOX 35 Storm Team meteorologist Jessica Dobson takes a look at the forecast.
AEW wrestler Benjamin Satterley, a.k.a. Pac, dies at 40
Professional wrestling star Benjamin Satterley, who was known as Pac inside the ring, has died at 40, All Elite Wrestling (AEW) announced in a statement Sunday evening.
Officials search for man who went missing from Brevard beach
Multiple agencies assisted in trying to locate a man who went underwater and didn't resurface, according to officials.
Orlando PM Weather: One more day of Fall -like weather
It's feeling like Fall this weekend across Central Florida. Meteorologist Laurel Blanchard tells us how long the comfy feels stick around before rain chances and the humidity return.