The Social Security Administration’s 2024 Cost-of-Living Adjustment Announcement

The Social Security Administration (SSA) has just released an announcement that there will be a 2024 cost-of-living adjustment (COLA) that will affect more than 71 million Americans’ Social Security benefit amount in the new year. They will receive a 3.2% increase in their SSA benefits, as well as their Supplement Security Income (SSI) payments in 2024.

The SSA office will be mailing COLA notices to recipients affected by it during the month of December 2023. If you would like to know your new benefit amount before you receive your notice in the mail, you can find an electronic version of your COLA notice on the Message Center in your private portal, my Social Security.

The updated benefit amounts will not be available before the month of December 2023. If you do not currently have a my Social Security account, you can create one by visiting www.ssa.gov/myaccount/. You will be directed to an action page where you must click “Create an account with Login.gov” and follow the directions in order to successfully make a my Social Security portal. Other benefits of having the my Social Security account are being able to view estimates of future increases, your latest SSA statement, your earnings history, and the status of an application. The portal also makes it easier to request to replace your Social Security Card.

 

Source: Social Security Administration