Social Security Checks to Increase 3.2% in 2024

The final inflation report that determines Social Security Cost of Living Adjustments (COLA) has been completed and Social Security recipients will receive a 3.2% increase in their checks beginning January 2024 as a result.

When looking at an average Social Security check, that 3.2% increase equates to roughly $59 more per month.

You can get more details on how the Social Security Administration calculates the annual COLA increase and more at this Social Security Administration link.

This is a significant decrease of COLA amounts from the previous two years (2022 and 2023) when the increases were 5.9% and 8.7% respectively. The reason for the decrease relates to the government’s calculations on inflation, which has shown a slowing of inflation over the past 6-12 months.

That doesn’t mean prices of goods and services are decreasing, just that the amount prices are increasing isn’t as much as in the past two years.

So, in theory, the lower COLA for 2024 is a good thing in the big picture. The downside…prices for most products and services continue to be much higher than prior to 2020 and, unfortunately, that is unlikely to change.