Cola 2024 Increase Announcement Date. Washington (ap) — 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. This month is a big one for social security.

The awi is used to index an individual’s earnings through age 60 in the benefit calculation formula, and the cola is used to increase benefits annually. “social security and ssi benefits will increase in 2024, and this will help millions of people keep up with expenses,” said kilolo.