Social Security Offering Small Increase For 2024

There are numerous ways to get rich.

Start a business and work endlessly until it is successful.

Exploit a high-paying skill, such as being a Super Bowl-winning quarterback in the National Football League, or a singer like Taylor Swift.

Or skip all that, and simply marry a rich person.   That person may or not be your ideal mate, but if they are filthy rich, they are filthy rich!  And if you bite the bullet, and hang in there, you might be filthy rich too.

Another option is to get serious about how to select the winning lottery numbers in an upcoming huge jackpot worth tens of millions of dollars or more.

One way you  won’t get rich, and in fact might be lucky to even avoid living in the proverbial ‘poor house’,  is to rely on a government stipend as your only source of income.

Yet millions of Americans do exactly that.  They depend on a Social Security check to arrive in their mail box at the ‘poor house’ each month…and their future never improves.

In 2024, people who are collecting Social Security benefits, what is known as SSA, will see a small cost-of-living increase.

The Social Security Administration  says  the annual cost-of-living adjustment for 2024 will be 3.2 percent.

Even with the increase, the average monthly SSA payment for retirees will be a little more than 19-hundred dollars a month, starting in January 2024.  That’s less than 23-thousand dollars a year.

Some people get far less than that.  Others get more by waiting until they are 70 to collect SSA benefits, ensuring themselves the largest monthly benefit.

In 2022, SSA recipients received an increase of five-point-nine-percent, the 2023 increase was eight-point-seven-percent.

Three glass jars, one only one-third filled with coins, another three-quarters filled with coins, and the other full of coins.

Photo from Alpha Media Portland OR