Social Security Administration Announces Latest Increase

The Social Security Administration announced the latest Cost of Living Adjustment (COLA) is 3.2 percent for Social Security benefits and Supplemental Security Income (SSI) payments. Social Security benefits will increase by 3.2 percent beginning with the December 2023 benefits, which are payable in January 2024. Federal SSI payment levels will also increase by 3.2 percent effective for payments made for January 2024. Because the normal SSI payment date is the first of the month and January 1 is a holiday, the SSI payments for January are always made at the end of the previous December.