Cola 2024 Increase Announcement 2024. Effective july 1, 2024, the cola rate is 2.00% for those with a retirement date on or before july 1, 2023. January 2024 marks when other changes will happen based on the increase in the national average wage index.

The social security cola for 2024 was 3.2%, following a large 8.7% cola for 2023. The latest cola is 3.2 percent for social security benefits and ssi payments.