2024 Cost Of Living Increases. Social security benefits will increase by 2.5 percent beginning with the december 2024 benefits, which are payable in january 2025. The social security cola could be 2.7% in 2024 based on the latest consumer price index data, according to the senior citizens league, a nonpartisan senior group.
Food prices rose 2.6 percent, while energy prices decreased 4.6 percent. It’s a smaller bump than the 8.7% cola increase beneficiaries received for this year, reflecting the gradual.