Social Security 2024 Cola Increase News. There was a 2.9% increase in july, the labor department reported wednesday that the august figure rose at an annual rate of 2.5%, although the inflation. Social security beneficiaries are set to see their monthly benefits increase by 3.2% in 2024, the social security administration announced thursday, oct.
In 2023, the social security administration indicated the cola would increase by 3.2% in 2024. Looking at the basic cpi rates versus the social security cola rates shows mixed results for the cola compared to the cpi in recent years:
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