Social security benefits going up in 2024 by 3.2%

Senior citizens will see an increase in their social security benefits in 2024.

The Social Security Administration announced earlier this fall that recipients will receive an annual cost-of-living adjustment of 3.2% beginning this month.

That comes out to an average of more than $50 per month.

This is the third year in a row for a bump in payments as a result of inflation.

However it is a much smaller increase compared to the past two years.