Cola 2024 Social Security Increase

Cola 2024 Social Security Increase. The cola increase means your ssdi, ssi, or social security retirement benefits will be 3.2% higher in 2024. Social security recipients will get a 3.2 percent increase in their monthly payments next year, the social security administration (ssa) announced oct.

A 3 percent adjustment would boost the average social security retirement benefit — $1,839 a month in july 2023 — by about $55 a month in 2024. If you started claiming social security before may 1997 or if get both social security and ssi benefits, you’ll get the new cola in a dec.