Social Security Cola 2024 Effective Date

Social Security Cola 2024 Effective Date. Federal ssi payment levels will also increase by 3.2 percent effective for payments made for january 2024. (before age 62, an individual’s future benefits are adjusted for inflation through a different methodology.)

The cola for 2025 will be announced in october 2024, based on data from july to september. “social security and ssi benefits will increase in 2024, and this will help millions of people keep up with expenses,” said kilolo kijakazi, acting commissioner of social security.