Cola 2024 Increase Announcement Date. How much is the increase: The social security administration announced an 3.2% cola increase for 2024.

The senior citizens league said wednesday that the social security cost of living adjustment, or cola, will likely be 3.2% for 2024. 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.