Social Security Benefits to Rise 3.2% in 2024 Based on Latest Inflation Data

Social Security COLA increase for 2024 expected to be 3.2% based on latest inflation data

COLA increase determined annually based on rise in Consumer Price Index from previous year's 3rd quarter to current year's 3rd quarter

Official 2024 COLA percentage announced in mid-October when final 3Q2023 inflation figures released

Higher Social Security payments from COLA increase start in January 2024 and continue monthly

Individual payment dates depend on birthdate and when benefits began; SSI payments on 1st, unless weekend/holiday