People receiving Social Security and Supplemental Security Income (SSI) benefits will get a 3.2% cost of living increase in 2024. The 3.2 % cost-of-living adjustment (COLA) will begin for Social Security beneficiaries with January 2024 benefits. The increased January 2024 benefits will be received in February 2024.
Increased payments for SSI recipients will begin in January 2024. (Note: some people receive both Social Security and SSI benefits). The monthly maximum Federal amounts for 2024 are $943 for an eligible individual, $1,415 for an eligible individual with an eligible spouse, and $472 for an essential person.