SOCIAL SECURITY RECIPIENTS COULD GET HIT WITH A SURPRISE TAX BILL THIS YEAR

June 3, 2024 – Retirees received a modest cost-of-living bump this year, but many have reported struggling to get by as they continue to battle high inflation that has rapidly eroded their purchasing power. Retirees reported concerns over rising utility, insurance, heating and food costs. 

More than 66 million Americans collecting Social Security received the bigger payments beginning in January.

The payment boost marked a steep decline from 2023, when recipients received an 8.7% bump, the highest in four decades. However, it remains higher than the 2.6% average increase recorded over the past two decades.

An increase of this magnitude raised the average retiree benefit of $1,907 by about $59 per month.

The annual Social Security change is calculated based on the consumer price index for Urban Wage Earners and Clerical Workers, or the CPI-W, from July, August and September.