The 2024 cost-of-living adjustment (COLA) for Social Security and SSI benefits is 3.2%.

Quick Scoop: 2024 COLA

  • Social Security and SSI beneficiaries received a 3.2% COLA starting with payments in January 2024.
  • This increase is based on the change in the CPI-W (Consumer Price Index for Urban Wage Earners and Clerical Workers) from the third quarter of 2022 to the third quarter of 2023.
  • Example: The average monthly benefit for all retired workers went from about 1,848 dollars to about 1,907 dollars after the 3.2% COLA.

Extra context

  • Some pension systems and state retirement plans set their own COLA rates (often around 2–2.5% for 2024), but when people ask “what is COLA increase for 2024,” they usually mean Social Security, which is 3.2%.
  • COLA is recalculated every year, so the percentage for 2025 and 2026 is different from the 3.2% used in 2024.

TL;DR: For 2024, the COLA increase most people care about—Social Security and SSI—is 3.2%.

Information gathered from public forums or data available on the internet and portrayed here.