Ssa 2024 Cola Increase Projection. Social security adjusts its benefits each year to account for inflation. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024.
In 2023, it was 8.7%. The size of that cola depends on how inflation changes in the third quarter (july through september) of 2024.
In 2023, It Was 8.7%.
An additional 3.2% bump will lead to an increase of $37 on the 2023 payout, making a benefit amount of $1,188 in 2024.
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.
Ssa 2024 Cola Increase Projection Images References :
But Itโs Still Below The 3.2% Increase Afforded To Social Security Recipients In 2024, And Nowhere Near The 8.7% And 5.9% Increases For 2023 And 2022โS Recipients,.
Colas increase the amount of monthly social security benefits in order to help ensure those benefits keep pace with inflation.
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.