The Social Security Administration says that its 2024 cost-of-living adjustment (COLA) for payments will be 3.2 percent, a much smaller increase following a couple of inflation-fueled annual boosts.
The COLA applies to individuals who get retirement or disability benefits. The increase is lower than the 8.7 percent in 2023 and last year’s 5.9 percent because of cooling inflation, which was cited by the agency in making its adjustment.
