Cola Increase 2024 Projections Meaning

Cola Increase 2024 Projections Meaning. It’s not going to approach 2023’s historically high cola increase of 8.7%, but the 2024 social security cost of living adjustment is expected to be 3.2%, which if it. The cola was 8.7% in 2023, which was the largest in 40 years.

Retirees on social security receive an increase of their social security benefits each year known as the cost of living adjustment or cola. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.