Cola Increase For 2024 Inflation Rate. The social security administration’s annual cost of living adjustment for 2024 is 3.2%, reflecting a more moderate rate of inflation than the price jumps that. The 3.2 percent boost for 2024 increased the average monthly benefit.

In 2023, the social security administration indicated the cola would increase by 3.2% in 2024. The percentage change is the cola for the following year.