"Maximizing Your Social Security COLA Increase in 2024"

Social Security beneficiaries can expect a 3.2% increase in their monthly payments starting in January 2024, based on the projected cost-of-living adjustment (COLA) determined by the Consumer Price Index for Urban Wage Earners and Clerical Workers. The average monthly increase for different recipient groups ranges from $47 to $113, with retirees receiving an average of $58 more per month. The official figure will be announced in mid-October, and the COLA increase will be reflected in the January 2024 checks.