Social Security benefits for nearly 50 million Americans are going up 2.3%, the smallest increase in four years. It will mean an extra $24 per month in the average check, the government announced Wednesday.

The cost of living adjustment means that the monthly benefit for the typical retired worker in 2008 will go from $1,055 currently to $1,079 next year.

USAToday.com provides an update on Social Security benefits for 2008.

The Social Security Administration on Monday had a ceremony to highlight the opening wave of baby boomer retirements, a generation of 78 million people born from 1946 to 1964. The first of those boomers will turn 62 next year, making them eligible for Social Security benefits.

An estimated 10,000 people a day will become eligible for Social Security benefits over the next two decades, putting a severe strain on the pension program.