What Is The Cola Rate For 2024. Increased payments to approximately 7.5 million ssi recipients will begin on december 29, 2023. With the increase, that would jump to $1,760.30 per month.
Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning. The inflation gauge used by the social security administration (ssa) to set the annual cola rose at a 2.6 percent annual rate for july and 3.4 percent for august โ the first two of the three months the agency uses to determine the final figure, slated to be announced in october.