Social Security Recipients to Get Lower Boost in 2024: What Retirees Should Know

The Social Security Administration, which manages the payments, said that the latest cost-of-living adjustment will be 2.5 percent.

A Social Security card sits alongside checks from the U.S. Treasury in Washington on Oct. 14, 2021. Kevin Dietsch/Getty Images

Tens of millions of Americans who receive Social Security payments will see their monthly checks increase by a modest amount, according to the Social Security Administration (SSA).

The SSA, which manages the payments, said on Oct. 10 that the latest cost-of-living adjustment (COLA) will be 2.5 percent of Social Security and Supplemental Security Income benefits.

How Much on Average?

Those benefits will be doled out starting in January 2025, the agency said.