Social Security benefits are set to rise by 3.2% in 2024, far below the increase that retirees received this year as inflation continues to moderate, the Social Security Administration said Thursday. 

More than 66 million Americans collecting Social Security will receive the bigger payments beginning in January, the administration said. 

The annual Social Security change is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or the CPI-W, from July, August and September.

"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," said Jo Ann Jenkins, AARP chief executive. "We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important."

This is a developing story. Please check back for updates.