Millions of Social Security Recipients will receive a 3.2% increase in their benefits in 2024, amounting to over $50 more per month on average, according to the Social Security Administration. This increase is significantly less than the 8.7% boost received this year due to record-high inflation. The adjustment has been welcomed by senior advocates, although there are calls for a different index to be used to calculate the cost-of-living adjustment. Social Security faces a financial shortfall, with the program's trust fund projected to be unable to pay full benefits starting in 2033.

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