Social Security’s COLA will rise 3.2% in 2024 vs. 8.7% in 2023

The cost-of-living adjustment for Social Security will rise 3.2% in 2024, compared with an 8.7% increase in 2023, according to the Social Security Administration. In 2023, Social Security recipients received the highest COLA in more than 40 years amid rising inflation. The average COLA increase over the last 20 years is 2.6%, according to the Senior Citizens League, a pro-senior think tank. “Social Security’s COLA is great news for beneficiaries. It will help them keep up with rising costs. Unlike Social Security, the value of private savings — like 401(k)s...