Social Security recipients will get a 3.2 percent benefits increase in 2024, it was announced Thursday.

The announcement follows this year’s 8.7% benefit increase, brought on by record 40-year-high inflation, which pushed up the price of consumer goods.

According to The Associated Press, with inflation easing, the next annual increase is markedly smaller.

The cost-of-living adjustment (COLA) will result in the average recipient getting more than $50 more every month beginning in January, the Social Security Administration said Thursday.

Roughly 71 million people, including retirees, disabled people and children, receive Social Security benefits.

“Retirees can rest a little easier at night knowing they will soon receive an increase in their Social Security checks to help them keep up with rising prices,” AARP CEO Jo Ann Jenkins told The Associated Press. “We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important.”

The Associated Press contributed to this report.