2024 Social Security Cola Increase Date

2024 Social Security Cola Increase Date. Social security benefits will increase by 3.2 percent beginning with the december 2023 benefits, which are payable in january 2024. Each year, social security bases the cola on changes in the consumer price index.

That adds about $50 monthly to the average retirement benefit consumers will. This marks a major shift down from the current year’s increase of 8.7 percent.