Social Security Administration announced Thursday, Oct. 12, the entitlement program's cost-of-living adjustment (COLA) will be 3.2% in 2024 — a much smaller figure than 2023's 8.7%, thanks to moderating inflation.

Beneficiaries will see their monthly payments increase by more than $50 on average starting in January.

The new COLA is well above the 2.6% average over the past two decades, but a basic fear remains for many older Americans, one expert said.

"The older consumer's dollar buys less than it did just a few years ago," said Mary Johnson, a Social Security and Medicare policy analyst.

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