2024 Social Security COLA: When You Will Start Getting Increase

The 2024 Social Security COLA is 3.2%. This is when it kicks in.

A senior adult woman sits at the dining table paying bills and banking using her mobile laptop.
(Image credit: Getty Images)

The Social Security cost-of-living adjustment (COLA) for 2024 is 3.2%, meaning that recipients will see their monthly payments rising by that amount for the new year. But when, exactly, does that increase kick in?

The Social Security Administration announced the COLA back in October. It takes inflation into account, calculating the percent change between average prices in the third quarter of the current year with the third quarter of the previous year.

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Alexandra Svokos
Senior Digital Editor

Alexandra Svokos is the senior digital editor of Kiplinger. She holds an MBA from NYU Stern in finance and management and a BA in economics and creative writing from Columbia University. Alexandra has a decade of experience in journalism and previously served as the senior editor of digital for ABC News, where she directed daily news coverage across topics through major events of the early 2020s for the network's website, including stock market trends, the remote and return-to-work revolutions, and the national economy. Before that, she pioneered politics and election coverage for Elite Daily and went on to serve as the senior news editor for that group. 

Alexandra was recognized with an "Up & Comer" award at the 2018 Folio: Top Women in Media awards, and she was asked twice by the Nieman Journalism Lab to contribute to their annual journalism predictions feature. She has also been asked to speak on panels and give presentations on the future of media and on business and media, including by the Center for Communication and Twipe.