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SSA Announces 3.2% Cost-of-Living Adjustment for Social Security Benefits for 2024
On October 12, 2023, the Social Security Administration (SSA) announced a 3.2% cost-of-living adjustment (COLA) to benefits for 2024. The 3.2% COLA will begin in January 2024 with benefits payable to more than 66 million Social Security beneficiaries.
On average, Social Security benefits will increase by more than $50 per month starting in January 2024. Social Security COLAs are based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as determined by the Department of Labor’s Bureau of Labor Statistics (BLS).
Further information is available here.