According to the Social Security Administration, the cost-of-living adjustment (COLA) for 2024 will be 3.2%. This means that Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase by 3.2% in 2024. The increase will begin with benefits that Social Security beneficiaries receive in January 2024, and increased SSI payments will begin with the December 29, 2023 payment. The COLA is calculated according to the Bureau of Labor Statistics’ Consumer Price Index, which measures the cost of living. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will also increase to $168,600. Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account in December 2023.