Social Security 2024 Update: Recipients to Receive 3.2% Increase in Monthly Benefits (Photo: CNN)
Discover the Latest COLA Adjustment and What It Means for Your Finance
In an exciting development for Social Security recipients and individuals with fixed incomes, the U.S. government has announced a welcome increase in monthly benefit checks for 2024. The projected average monthly retirement payout is set to rise from $1,848 to $1,907, marking a 3.2% increase and equating to an extra $59 per month. This uplifting news follows the agency’s annual cost-of-living adjustment (COLA), aiming to alleviate financial pressures experienced by retirees.
Starting next month, the revised benefit payments will be distributed on a staggered weekly basis, based on the recipient’s birthday, ensuring a smooth and efficient rollout.
Previous data reveals that in 2023, the average Social Security check amounted to $1,827, with the maximum payment reaching $4,555. With the forthcoming COLA increase of 3.2%, retirees can anticipate a tangible improvement in their financial security and stability.
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In addition to this promising update, individuals in the workforce may be eligible for the earned income tax credit (EITC), which is designed to assist low- and moderate-income workers. The EITC caters to millions of families, providing substantial federal income tax credits, with nearly $60 billion distributed to almost 25 million families in 2021.
With these positive changes, we can expect to see further adjustments that will help people who live off fixed incomes. In the process this reflects how seriously public welfare and social justice are being taken by government administrations as they work hard on improving everyone’s livelihood.
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