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Writer's pictureChrista Landram

COLA Update

Please be aware that SSA has announced the 2024 COLA. It is 3.2%.

All certifications done moving forward will have to show this increase starting in January.

So for example, November and December will have the current monthly payment but January-Oct of 2024 will need to add the 3.2% to their monthly payment.

Annual Income Example if SS is $600:

2023 income

Nov and Dec 2023:

$600 x 2 = $1200

2024 income: Jan – Oct

$600 x 3.2%= $19.20

add this to $600

$619.20 x 10 = $6192

Add 2023 and 2024 together:

$1200 + $6192 = $7392


Here’s a link for more info: https://www.ssa.gov/news/cola/


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