What Is The Cost Of Living Increase For 2024. Due to inflation, the cola is rising this year, so the 66 million social security beneficiaries will see a higher benefit starting in january of next year. The june 2024 consumer price index report shows a decrease in average prices.

Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning. Each year, the irs, social security administration, and other federal agencies adjust policies to account for inflation.