Social Security Benefits to Rise 3% in 2024 After Historic 8.7% COLA This Year

The 2023 Social Security COLA was a historic 8.7% to help recipients cope with high inflation.

The COLA for 2024 will likely be around 3% based on lower inflation in July and August 2022.

The 2024 COLA will be announced in October 2023 after the September CPI-W report.

The increased payments from the 2024 COLA will start with January 2024 benefits.

Advocacy groups say many seniors still struggle with high costs despite lower inflation.