Cost Of Living 2024 Increase. These estimates are derived from the intermediate assumptions in the 2024 trustees report. Each year, the irs, social security administration, and other federal agencies adjust policies to account for inflation.
That adds about $50 monthly to the average retirement benefit consumers will. The term “cost of living” refers to the overall amount of money required to cover necessary expenses to maintain a certain lifestyle standard in a particular place, including basics like.