More than 71 million Americans will see a 3.2% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2024. On average, Social Security retirement benefits will increase by more than $50 per month starting in January.
Federal benefit rates increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). The CPI-W rises when inflation increases, leading to a higher cost of living. This change means prices for goods and services, on average, are higher. The cost-of-living adjustment (COLA) helps to offset these costs.
COLA notices will be mailed throughout the month of December to retirees, survivors, disability beneficiaries, SSI recipients and representative payees. If you want to know your new benefit amount sooner, login to your Social Security account at ssa.gov/myaccount. Information can be accessed in early December. Learn more about the 2024 COLA at ssa.gov/cola.
Sheri Richey, Social Security Administration