Dona Jaynell

Social Security Cola 2024 Increase Percentage Formula. Social security and supplemental security income (ssi) benefits for more than 71 million americans will increase 3.2 percent in 2024. The awi is used to index an individual's earnings through age 60 in the benefit calculation formula, and the cola is used to increase benefits annually.

Social security recipients will get a 3.2 percent increase in their monthly payments next year, the social security administration (ssa) announced oct. (a) 90 percent of the first $1,174 of his/her average indexed monthly earnings, plus.