2024 Inflation Adjustments to Social Security and Medicare

Although the 2024 increase is still above average, advocates for seniors say it doesn’t reflect the continued impact of inflation on seniors’ actual costs. Dreamstime/TNS

By Sandra Block From Kiplinger’s Personal Finance

Retirees will receive a raise from Social Security in 2024, but the annual cost-of-living adjustment (COLA) to their monthly payments will be significantly lower than the increases they received in 2023 and 2022.