Social Security COLA to Rise 3.2% in 2024: What To Know

Retirees will see COLA increase 3.2%, the Social Security Administration announced.

Social security card and US dollars cash money on white. Social security benefits.
(Image credit: Getty Images)

More than 66 million retirees receiving Social Security checks will see their monthly government payments rise 3.2%, thanks to the Social Security Administration's cost-of-living adjustment (COLA) increase for 2024.

On average, Social Security retirement monthly benefits will grow by more than $50 starting in January, said the Social Security Administration (SSA), which announced the increase on October 12.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.