How Big Will the Average Social Security Check Be for Retirees in 2024?
Written by
Nicholas Morine
Edited by
Sean Fisher
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As retirees look towards 2024, a critical question on many minds is the size of the average Social Security check. Understanding this figure is essential for financial planning and setting realistic expectations for retirement income. Let’s delve into what retirees can expect from Social Security in 2024.
Expected Increase in Benefits
For 2024, The Motley Fool reported that the average Social Security check is expected to provide $1,907 in monthly income, up from $1,848 in 2023. This increase is attributed to the cost of living adjustment (COLA) occurring in 2024, which aims to help retirees keep pace with inflation. Despite this increase, The Motley Fool emphasized that the average benefit amount is not very high, providing an annual income of only $22,884. This figure underscores the importance of additional savings to supplement Social Security benefits for a comfortable retirement.
Social Security Administration’s Announcement
The SSA has announced that more than 71 million Americans will see a 3.2% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2024. This increase means that, on average, Social Security retirement benefits will rise by more than $50 per month starting in January. This adjustment is a direct response to changing economic conditions and is part of the SSA’s ongoing efforts to ensure that benefits provide a stable source of income for retirees.
Implications for Retirees
The projected increase in Social Security checks for 2024 is a positive development, but it’s crucial for retirees to view it within the context of their overall retirement strategy. The average benefit, while helpful, is not intended to be the sole source of retirement income. Retirees should consider other income sources, such as personal savings, investments, and pensions, to ensure a comfortable and secure retirement.
Retirees are encouraged to continue practicing sound financial planning, considering all sources of income and expenses as they navigate their retirement years. For the most accurate and detailed information, retirees should consult the Social Security Administration’s official announcements and consider speaking with a financial advisor to understand how these changes specifically impact their retirement plans.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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