2024 COLA Increases: What You Need to Know for Social Security and VA Payments

Social Security recipients can expect a 3.2% cost-of-living adjustment (COLA) increase in their monthly payments starting in 2024, based on the latest inflation numbers. The exact amount will be determined in October 2023. The expected average new payments for 2024 range from $1,530 for workers with disabilities to $3,633 for widows(er) with two children. The COLA increase will be reflected in January 2024 checks, with the specific date depending on the recipient's birth date and when they started receiving benefits.