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)

[1][3] [7][5][3] [5][1] [5][1] [1][5]
Item 2023 2024 (with COLA)
COLA percentage 8.7% (for 2023)3.2% (for 2024)
Average retired worker benefit (monthly) 1,848 dollars1,907 dollars
Typical increase for average retiree – ≈59 dollars/month

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.