Social Security 2024 Cola Increase Projection. The social security administration won't be able to officially announce a 2024 cola until october. Social security recipients will get a 3.2 percent increase in their monthly payments next year, the social security administration (ssa) announced oct.
There’s a chance the 2024 cola could drop below 3% if the september inflation rate is especially low. Social security benefits will increase by 3.2 percent beginning with the december 2023.