According to the Social Security Administration, the cost-of-living adjustment (COLA) for Social Security benefits and Supplemental Security Income (SSI) payments in 2022 was 5.9% . This increase was based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2020 through the third quarter of 2021. However, it is important to note that this information is for the year 2022, and the latest COLA for 2023 is 3.2% . The COLA for 2024 is also expected to be 3.2% .