Posted 10/18/2023, 11:30:00 AM
Social Security COLA Lower in 2024 at 3.2%, Increasing Average Payment by $59
- The 2024 COLA (cost-of-living adjustment) for Social Security is 3.2%, lower than 2023's record 8.7%
- The average Social Security payment will increase by $59 to $1,906 per month
- All Social Security recipients are eligible for the COLA, including retirees, disabled, and dependents
- The COLA takes effect in December 2023 but payments increase in January 2024
- The COLA amount is based on inflation and rises in cost of living over the past year
