what is the cost of living increase for 2024

The cost of living increase for 2024 is 3.2 percent. This adjustment will affect more than 71 million Social Security and Supplemental Security Income beneficiaries, with the average monthly retirement benefit for workers increasing to $1,907 from $1,848 in 2023. Most Social Security beneficiaries will see the increase in their monthly checks starting in January, while SSI beneficiaries will see the increase in their December checks. The 3.2% increase is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) and is intended to help benefits keep pace with inflation.