Navigation Cost-of-Living Adjustment for 2024
On October 12, 2023, the Social Security Administration announced a 3.2% benefit increase for 2024. This cost-of-living adjustment (COLA) is substantially smaller than last year’s COLA which saw a benefit increase of 8.7%, the biggest COLA in more than 40 years.
Beginning in January of 2024, approximately 66 million Social Security beneficiaries will see an increase in benefits. For the approximately 7.5 million SSI beneficiaries, the cost-of-living adjustment will begin on December 29, 2023.
The average Social Security benefit will increase by $50. For SSI recipients, the federal maximum will increase from $914 to $943 a month for individuals and from $1,371 to $1,415 for couples.
