2024 Cost of Living Adjustment
By Daniel Petkevich
Nov 13, 2023
SSA & COLA Impacts for 2024
Social Security is a vital source of income for millions of seniors, and the annual Cost of Living Adjustment (COLA) is a topic of great interest and importance. Each year, the Social Security Administration (SSA) evaluates the COLA to help seniors maintain their purchasing power in the face of inflation.
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2024
In 2024, the COLA will increase by 3.2%. On average, Social Security retirement benefits increased by over $50 per month starting in January.
2025
In 2025, the COLA will increase by 2.5%. On average, Social Security retirement benefits will increase by about $48 per month starting in January.
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