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Cost Of Living Adjustment (COLA): Expect An Increase In Your Monthly Payments This 2024

COLA increase in 2024 (Photo: marca)

The cost of living adjustment (COLA) increase will raise your social security payments by 3.2% in 2024. According to the Social Security Administration, this would increase the average monthly payment by more than $50.

(Photo: moneytothemasses)

The Increase in Cost of Living Adjustment (COLA) in 2024

In the beginning of 2023, Social Security recipients saw their benefits increase by 8.7% as part of the largest cost of living adjustment (COLA) in decades. Last year’s cost of living adjustment (COLA) greatly exceeded the 5.9% COLA beneficiaries received in 2022. At that time, it was considered a huge increase.

According to The Motley Fool, your Social Security will see an income increase of 3.2% in early 2024. That is clearly a far cry from the boost they received at the start of this year’s fiscal year.

While it is not as high as 8.7%, it is worth noting that in recent years, we have seen considerably smaller cost of living adjustments (COLA). In 2021, Social Security claimants will only receive a 1.3% increase. In comparison, 3.2% doesn’t seem so bad.

READ ALSO: Lawmakers Are Working To Prevent Social Security From Recovering Overpayments

Your Cost of Living Adjustment (COLA) Notice

Social Security cost of living adjustment (COLA) notices will be available online this December 2023. These notices will be available to most beneficiaries in the message center of My Social Security Account.

The Social Security website said that this is a secure way to receive cost of living adjustment (COLA) notices online. The Social Security Administration also reminds the public that the cost of living adjustment (COLA) notices are free of charge.

READ ALSO: Australian Couple Claims That Winning The $4.2 Million Mansion Is A Nightmare

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