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The 2.5 percent cost-of-living adjustment (COLA) will begin with benefits payable to nearly 68 million Social Security beneficiaries in January 2025. Increased payments to nearly 7.5 million SSI recipients will begin on December 31, 2024.
Cost-of-Living Adjustment (COLA): Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2022 through the third quarter of 2023, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 3.2 percent COLA for 2024.
How much is the increase: Social Security benefits and Supplemental Security Income (SSI) payments for more than 72.5 million Americans will increase by 2.5% in 2025. This is the annual cost-of-living adjustment (COLA).
The 2.5 percent cost-of-living adjustment (COLA) will begin with benefits payable to nearly 68 million Social Security beneficiaries in January 2025. Increased payments to nearly 7.5 million SSI recipients will begin on December 31, 2024.
The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI recipients will begin on December 29, 2023.
The cost-of-living adjustment (COLA) helps to offset these costs. We will mail COLA notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees.
We call such increases Cost-Of-Living Adjustments, or COLAs. We determined a 2.5-percent COLA on October 10, 2024. We will announce the next COLA in October 2025.
Social Security benefits will increase by 2.5 percent beginning with the December 2024 benefits, which are payable in January 2025. Federal SSI payment levels will also increase by 2.5 percent effective for payments made for January 2025.
The table below shows estimated future cost-of-living adjustments (COLAs) and estimated future percentage increases in the national average wage index (AWI). These estimates are derived from the "intermediate" assumptions in the 2024 Trustees Report.
To help people who receive benefits and payments keep up with the changing cost of living, Social Security beneficiaries often receive an annual cost-of-living adjustment (COLA). Each year, Social Security bases the COLA on changes in the Consumer Price Index.