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Since 1975, Social Security general benefit increases have been cost-of-living adjustments or COLAs. The 1975-82 COLAs were effective with Social Security benefits payable for June in each of those years; thereafter COLAs have been effective with benefits payable for December.
Learn how the Social Security Administration measures inflation to calculate the annual cost-of-living-adjustment (COLA) for monthly benefit payments.
The government has issued a COLA nearly every year since, and checks have risen accordingly. The following table shows the COLA for each year from 1976 to 2024.
Cost-of-Living Adjustment (COLA) Information for 2024 Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024. The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI ...
In 2023, the COLA increased by 8.7%, its largest increase since 1981. This followed a 5.9% increase in 2022, which was the highest in four decades at the time it was issued.
Between 1975 and 2023, Social Security's COLAs averaged 3.8%. Of course, that's just the average. There were some years with 0% increases (most recently, 2015) and some with double-digit...
This gradual rise in average benefits is altered by abrupt increases due to annual cost-of-living adjustments or COLAs. The COLA for December 2023 is 3.2 percent and is first payable in January 2024. The table below provides estimated average benefits for certain beneficiary types, at the end of December 2023.
In 2023, the Social Security Administration announced that the COLA for 2024 benefits would increase by 3.2 percent, following an 8.7 percent rise the year before, the largest increase since...
To calculate your COLA increase for 2024, determine the percentage increase in Consumer Price Index-Wage Earners and Clerical Workers (CPI-W) from last year's third-quarter average to this year's third-quarter average.
Since 1975, Social Security's general benefit increases have been based on increases in the cost of living, as measured by the Consumer Price Index. We call such increases Cost-Of-Living Adjustments, or COLAs. We determined a 3.2-percent COLA on October 12, 2023. We will announce the next COLA in October 2024.