More than 70 million Americans will see an increase in their Social Security benefits next month.

The 2024 Cost of Living Adjustment is 3.2%. For the average beneficiary, the increase equals $59 a month, from $1,848 to $1,907. Increases for Medicare Part B will eat into the COLA  however, rising by $9.80, or 6%, to $174.70 a month.

This year’s Social Security increase, far below last year’s COLA of 8.7%, was determined by the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, for the last quarter of the fiscal year.