New Cola Increase For 2024. How much will my social security payment be with the 2024 cola increase? This year’s increase, far below last year’s cola of 8.7%, was determined by the increase in the consumer price index for urban wage earners and clerical.
More than 66 million retirees receiving social security checks will see their monthly government payments rise 3.2%, thanks to the social. 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.