More than 71 million Americans will see a 3.2% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2024. By law, federal benefits increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers. 

As an example of the increase, if your monthly Social Security benefit adds up to $1,499.40, then it will increase by 3.2%. Such an increase adds up to an additional $47.98, equaling $1,547.38. Using the same example, this increase added to your existing benefit adds up to $18,568.56 annually, which is an increase of $575.76 each year. 

The Social Security office will mail Cost-of-Living Adjustment (COLA) notices to individuals throughout the month of December. Reports indicate the information will be sent to those receiving benefits through the social security office.

According to social security officials, those who receive benefits will be able to view and save cost-of-living adjustment information online by early to mid-December. But, benefit amount information will not be available before December. Learn more by visiting the social security website HERE.