what is the social security cola for 2024
The Social Security cost-of-living adjustment (COLA) for 2024 is 3.2%.
Quick Scoop
- The Social Security Administration set the 2024 COLA at 3.2%, based on the change in the CPI-W from Q3 2022 to Q3 2023.
- This increase applies to both Social Security and SSI benefits starting with payments issued in January 2024 (late December 2023 for SSI).
- The average retired worker’s monthly benefit rose from about 1,848 dollars to about 1,907 dollars, an increase of roughly 59 dollars per month.
A bit of context
- The 3.2% COLA is much smaller than the unusually high 8.7% boost beneficiaries received for 2023, reflecting cooler inflation.
- More than 71 million Americans are affected by the 2024 COLA, including retirement, disability, survivors, and SSI beneficiaries.
Key fact table (HTML)
| Item | 2023 | 2024 (with COLA) |
|---|---|---|
| COLA percentage | 8.7% (for 2023) | [1][3]3.2% (for 2024) | [7][5][3]
| Average retired worker benefit (monthly) | 1,848 dollars | [5][1]1,907 dollars | [5][1]
| Typical increase for average retiree | – | ≈59 dollars/month | [1][5]
In forum and news discussions, people often say the 2024 COLA “feels small” compared with 2023’s jump, but it mainly reflects that inflation cooled off instead of staying at 40-year highs.
Bottom note: Information gathered from public forums or data available on the internet and portrayed here.