According to the Social Security Administration, Social Security benefits and Supplemental Security Income (SSI) payments for more than 71 million Americans will increase by 3.2% in 2024. This is the annual cost-of-living adjustment (COLA) and is based on the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers from the third quarter of 2022 through the third quarter of 2023. The 3.2% COLA will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024, and increased payments to approximately 7.5 million SSI recipients will begin on December 29, 2023. Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account in December 2023.