New Cola Increase For 2024. It's a smaller bump than the 8.7% cola increase beneficiaries received for this year, reflecting the. A cola changes benefits based on changes in consumer prices.
Social security benefits will increase by 3.2 percent beginning with the december 2023. The social security administration said the increased payments with the 2024 cola for supplemental security income (ssi) recipients began december 29, 2023, as january 1.