Social Security COLA Increase 2024: How Much Could Monthly Payments Rise?
Inflation necessitates yet another increase to Social Security payments beginning in January 2024. According to the Senior Citizens League, the annual cost-of-living
increase (COLA) for Social Security recipients in 2019 will be 3.2 percent, based on data from August.The Social Security Administration will increase benefits by the
COLA if there has been an annual increase in the CPI (which there has been every year since 2022). On October 12th, when the official inflation data for the
third quarter of 2023 are revealed, we will have a definitive answer as to the precise amount of the 2024 Social Security COLA.It is projected that the Social Security
payment increase due to the COLA will be 3.2%. See below for a breakdown of new payment averages by recipient type in the year 2024. The Social Security
Administration won't decide on 2024's cost-of-living adjustment (COLA) until around the middle of October, because it depends on inflation during the third
quarters of 2022 and 2023.The cost of living adjustment (COLA) will be reflected in your monthly payments beginning in January 2024. Depending on your
birth date and the date you first received Social Security payments, the increase will be included in your monthly cheque.