Cola 2024 Increase Announcement Date. Starting in january 2024, you'll notice the cola increase on your monthly checks. Once that information comes in, the social security administration (ssa) will be able to calculate a cola for 2024.

Federal ssi payment levels will also increase by 3.2 percent effective for payments made for january 2024. A 3.2% cola for 2024 would increase an average monthly retiree benefit of $1,790 by $57.30, the tscl said.