Social Security Cost Of Living Increase 2024 Update . The 2024 social security cost of living increase — or cola — is to be announced on thursday. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024.
If the 2025 cola is 2.5%, it would translate to a $48 increase in the monthly benefit payment, bringing the average monthly total to $1,968. The program pays roughly $1.4 trillion in benefits to more than.
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