Social Security Cost Of Living Increase 2024 Update

Social Security Cost Of Living Increase 2024 Update. The cost of living adjustment rose by 3.2 percent for 2024, the social security administration announced today. A rise in the medicare part b premium in 2024 would offset a portion of the cola increase for social security.

The latest cola increase pales in comparison to the 8.7% increase recipients saw for 2023. The increase will begin with benefits received in january 2024 for social security and in december 2023 for ssi.