US retirees will get 3.2% social-security boost next year, smallest gain since 2021

Monthly checks for retirement and disability benefits in the US will increase by 3.2% next year, which is the smallest gain since 2021. The cost-of-living adjustment (COLA) is designed to protect the purchasing power of Social Security beneficiaries from inflation. The COLA is calculated from the consumer price index (CPI), and the slowdown in CPI means a smaller boost for seniors in 2024. The increase in benefits will help millions of people keep up with expenses.