The Social Security Administration Announces 2024 COLA

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On October 12, 2023, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 3.2 percent cost-of-living adjustment (COLA) for 2024. This adjustment will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Additionally, increased payments to more than 7.5 million Supplemental Security Income (SSI) beneficiaries will begin on December 29, 2023.1 

A More Modest Increase

This year's COLA increase represents an increase of $59 a month on average for recipients, a more modest increase than the $140 increase of the prior year. 1

How You Will Be Notified

According to the Social Security Administration, Social Security and SSI beneficiaries are usually notified about their new benefit amount by mail starting in early December. However, if you’ve set up your SSA online account, you will also be able to view your COLA notice online through your “My Social Security” account.1 

Next Steps?

If this increase surprises or concerns you, it's always a good idea to seek guidance from your financial professional about changes to any of your sources of retirement income.


This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.