Projected 2024 Social Security Cola Increase. Social security benefits will increase by 3.2 percent beginning with the december 2023 benefits, which are payable in january 2024. More than 71 million americans receiving social security benefits will see their checks rise by 3.2 percent next year to help them keep pace with inflation, the social security administration.
The latest forecast for next yearโs increase is 3.2%. Despite easing inflation, next year’s social security cost of living adjustment (cola) inched up to 3% from 2.7% last month.
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