Did you know Social Security benefits go up when inflation rises? SSDI, SSI (Supplemental Security Income), and Retirement Benefits are indeed tied to the cost-of-living adjustment (COLA). The cost-of-living raise is determined by the Department of Labor’s Consumer Price Index. The notices of the amount of increase usually go out in December of each year. The notices are mailed; however, a recipient may opt to receive the notice online through the their my Social Security account. This year, 2024, the average retirement benefits will increase by more than $50 per month starting in January.
While it is good to receive additional money each month, we must consider that the increases are only because of inflation. The increases attempt to offset the higher cost of goods and services. So, in the end there are no net gains!
Source:
https://blog.ssa.gov/social-security-benefits-increase-in-2024/