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The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI recipients will begin on December 29, 2023.
Use the Online Benefits Calculator to estimate your monthly Social Security benefits by entering the annual earnings shown on your Social Security Statement.
The latest COLA is 3.2 percent for Social Security benefits and SSI payments. Social Security benefits will increase by 3.2 percent beginning with the December 2023 benefits, which are payable in January 2024.
9 sty 2024 · The 2024 Social Security cost-of-living adjustment (COLA) increase is 3.2%. In 2023, it was 8.7%. A COLA changes benefits based on changes in consumer prices.
To calculate your Social Security benefit, the SSA will take your historical earnings and adjust them for inflation. This inflation adjustment goes through age 59; once you hit 60, your benefit amount is at face value at that point and into the future.
10 paź 2018 · For 2024, the cost-of-living adjustment will be 3.2 percent, boosting the average Social Security retirement benefit by $59 a month starting in January, according to the Social Security Administration (SSA).
How much is the increase: Social Security benefits and Supplemental Security Income (SSI) payments for more than 71 million Americans will increase by 3.2% in 2024. This is the annual cost-of-living adjustment (COLA).
