Social Security Inflation Bump: What Does It Mean?

Social Security benefits are getting another sizeable bump next year. Unfortunately, it won't be as big as the jumbo-sized increases of the 2023 and 2022, but with inflation rates having slowed from the historically high levels of years past, next year's boost should still take some of the sting out of grocery and gas purchases.
"Social Security benefits generally do keep up with inflation, though there is a lag," says Rob Williams, managing director for financial planning, retirement income and wealth management at the Schwab Center for Financial Research. "At the same time, the average retiree's expenses generally shrink over time, which can complement those higher benefits."