what is the cola for social security in 2024

The cost-of-living adjustment (COLA) for Social Security and Supplemental Security Income (SSI) benefits in 2024 will be 3.2% . This increase will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024, and increased SSI payments will begin on December 29, 2023. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will also increase to $168,600. COLA notices will be mailed throughout the month of December, and beneficiaries can also securely obtain their COLA notice online using the Message Center in their personal account. This increase is based on the rise in the Consumer Price Index (CPI-W) from the third quarter of 2022 through the third quarter of 2023.