Cola Increase 2024 News. Millions of social security recipients will get a 3.2% increase in their benefits in 2024, far less than this year's historic boost and reflecting moderating consumer. The senior citizens league said wednesday that the social security cost of living adjustment, or cola, will likely be 3.2% for 2024.

Social security benefits will increase by 3.2 percent beginning with the december 2023. In 2023, the social security administration indicated the cola would increase by 3.2% in 2024.