Officials say social security recipients will receive an annual cost-of-living adjustment of 3.2% for 2024.

It is a much smaller increase than the inflation-fueled boosts of the past two years.

The Social Security Administration says retirees’ monthly payments will rise by $59 to an estimated average of $1,907 starting in January 2024.

The lower adjustment reflects inflation has moderated this year.

Recipients had received increases of 8.7 percent in 2023 and 5.9 percent last year.