Cola Increase 2024 Projections In. The cola in 2022 was a 5.9% increase, and it was 8.7% last year. There’s a chance the 2024 cola could drop below 3% if the september inflation rate is especially low.
The senior citizens league said wednesday that the social security cost of living adjustment, or cola, will likely be 3.2% for 2024. The latest cola is 3.2 percent for social security benefits and ssi payments.