Projected Cola Increase For 2024. Learn what that means and how it could affect you. Social security administration (ssa) bases its cola each year on average annual increases in the consumer price index for urban wage earners and clerical workers, or.
There’s a chance 2024’s cola will end up a bit higher or lower than 3.2%, depending on how things shake out in september. The social security administration announced an 3.2% cola increase for 2024.