Impact Of The 3.2% Social Security Increase On African American Retirees

The U.S. government has recently announced a 3.2% increase in Social Security benefits for 2024, which will impact more than 71 million Americans. This cost-of-living adjustment (COLA) means that the average beneficiary will receive over $50 more per month, starting from January 2024. This small increase will have an interesting impact on African American retirees, who often rely on Social Security for a large portion of their living expenses.

The Breakdown You Need To Know: