Sure, let me sum it up in a nutshell for you. The Social Security Administration is giving retirees a boost in 2024 due to the increase in the cost of living. For 62-year-old claimers, the boost may be a bit smaller because of the early claiming benefit reduction. The COLA (Cost of Living Adjustment) for 2024 is 3.2%, and this will be applied to the primary insurance amount (PIA) to calculate the new benefit. For early claimers, additional calculations are made to determine the final benefit amount.
The average 62-year-old claiming Social Security had a benefit of $1,275 per month in December 2022, but with the 2023 COLA of 8.7%, it increased to an estimated $1,386 per month. Adding the 3.2% COLA for 2024, the projected benefit for 2024 is around $1,430 per month, an increase of about $44.
If you're worried about your Social Security not being enough, consider supplementing it with income from a job or personal savings. Additionally, explore other government benefits like Supplemental Security Income (SSI), Supplemental Nutrition Assistance Program (SNAP), Medicaid, or local assistance programs for housing and utility expenses.
Remember, if you have any questions about your Social Security benefit, you can contact the Social Security Administration for assistance.
