The 2024 Social Security COLA (cost-of-living adjustment) marked one of the more substantial increases in recent years.
It reflects how inflation affected living costs and aims to help beneficiaries keep pace with rising prices.
This article provides answers explaining the 2024 increase, how much extra people got, and what other changes came with it.
What was the 2024 Social Security COLA percentage?
The 2024 COLA was 3.2 %. This adjustment applied to both Social Security benefits and Supplemental Security Income (SSI) payments.
When did the 2024 Social Security COLA increase take effect?
The 3.2 % increase became effective with benefits payable in January 2024. SSI payments reflecting that COLA began Dec. 29, 2023, for December’s payment.
How much did the average benefit increase by dollar amount?
On average, Social Security retirement benefits went up by more than $50 per month as a result of the 3.2 % COLA.
That increase varies depending on your original benefit amount, but for a benefit of, say, $1,800, a 3.2% bump means about $57.60 more per month.
Why was the 2024 Social Security COLA higher than the 2025 COLA?
Inflation during the measurement period (CPI-W in July, August, September 2023 vs same months in 2022) was stronger, producing a higher percentage.
For 2025, the COLA dropped to 2.5 % because inflation cooled.
The 2024 COLA of 3.2 % was part of a period when consumer prices were still elevated.
What other changes accompanied the 2024 Social Security COLA?
Alongside the benefit increase:
- The maximum taxable earnings (wage base for Social Security tax) was raised.
- The retirement earnings test thresholds and other benefit limits were adjusted upward.
- Notices about the COLA and new benefit amounts were mailed in December 2023 to beneficiaries and made available online through my Social Security accounts.
Who benefited from the 2024 Social Security COLA?
Over 71 million Americans who receive Social Security and SSI benefits received the 3.2 % boost.
This includes retirees, people receiving disability benefits, survivors, and SSI recipients.
What should beneficiaries know about that increase now?
- Net gain may be lower than 3.2 %. Medicare premiums, taxes, or other deductions reduce the amount you actually take home.
- The 3.2 % increase maxed out many benefit adjustments, but for some with smaller benefits or extra deductions, the extra dollars were modest.
- Future COLAs, like for 2026, are projected to be lower (e.g., 2.7 %), making the 2024 increase one of the stronger ones in recent years.
- It’s always helpful to log in to your my Social Security account to verify your specific benefit change and see how your net benefit moves.
