Social Security Benefits Will Rise 3.2% in 2024 — Another Historically High COLA
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The roughly 70 million Americans who receive Social Security will see another significant increase to their benefits next year: The Social Security Administration announced Thursday that the cost-of-living adjustment for 2024 will be 3.2%.
While the 2024 COLA is far lower than last year’s historic increase, it’s still higher than average thanks to stubborn inflation.
“Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,” Kilolo Kijakazi, acting commissioner of Social Security, said in a news release.
Social Security recipients receive monthly payments, and every year, the government raises benefits to bring them up to speed with rising prices. Most beneficiaries are retirees, but the agency also provides Supplemental Security Income to more than 7 million Americans with disabilities as well as those who meet certain income requirements.
Every Social Security recipient will receive this automatic benefits increase, and the majority will see it reflected in their monthly payment in January. Recipients of SSI will get their first increased benefit on Dec. 29.
