Cola 2024 Increase Announcement As Of Today. Effective july 1, 2024, the cola rate is 2.00% for those with a retirement date on or before july 1, 2023. That could rise to a 59% hike, taking the average annual bill to £696, if it is given extra spending allowances by the regulator.
The senior citizens league said wednesday that the social security cost of living adjustment, or cola, will likely be 3.2% for 2024. The increase you receive each september is added to your existing monthly cola amount.