The day of the big announcement is finally here! 

The Social Security Administration announced that the annual cost of living adjustment (COLA) for 2024 is 3.2%  This increase takes effect in December and will be included in your payment starting in January 2024.

Yes, it is quite a bit less than the 8.7% increase for 2023. Inflation has subsided some. Each year inflation from the current year is compared to inflation from the previous year using third quarter data (July-September).  If no measurable inflation occurs there is no increase for the next year. This has only happened three times since the automatic COLA increases became law in 1975 – 2009, 2010, and 2015.

The Medicare Part B premium increase for 2024 will be announced soon and then we will know where we stand.  Stay tuned!

Press Release | Press Office | SSA

Social Security Changes – COLA Fact Sheet (ssa.gov)

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