The Social Security Cost-of-Living Adjustment for 2024

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Are you ready to see an increase in your Social Security check?

The Social Security Administration (SSA) just announced a 3.2% increase in monthly benefits for recipients of Social Security and Supplemental Security Income (SSI).

Here’s Your Social Security Cost-of-Living Raise for 2024

The SSA says the 3.2% cost-of-living adjustment (COLA) will take effect with benefits payable to Social Security beneficiaries in January 2024. Increased payments to people receiving SSI benefits will begin in December 2023.

“Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,” said Kilolo Kijakazi, Acting Commissioner of Social Security.

The average monthly Social Security check as of June 2023 is $1,837 for retirees, according to the SSA. That means the 3.2% increase translates to more than $50 in an average check each month. You can view your COLA notice online through your my Social Security” account. (We have a guide to help you set up your my Social Security account if you haven’t created one yet.)

The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), a broad measure of the price of food, energy, health care, housing, transportation and more.

In years when there is no inflation, there is no increase in benefits. However, benefits are never reduced if there’s no inflation.

Historical Cost-of-Living Adjustments From the Social Security Administration

YearAdjustment Percentage

You can see the full history of cost-of-living adjustments here.

The Best Time To Collect Social Security

If you haven’t started taking Social Security payments yet, you may be wondering when to begin. Money expert Clark Howard says the best time to collect Social Security is “to wait as long as you possibly can.”

But will you still get the benefits of COLA raises even if you wait to take Social Security? The SSA explains it this way:

“You’re eligible for cost-of-living benefit increases starting with the year you become age 62. This is true even if you don’t get benefits until your full retirement age or even age 70. We add cost-of-living increases to your benefit beginning with the year you reach 62. Benefits are adjusted yearly to reflect the increase.”


If you have questions about Social Security or retirement, contact Clark’s free Consumer Action Center at 636-492-5275.