When Is Cola 2024 Announced. In 2023, the social security administration indicated the cola would increase by 3.2% 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.

Once that information comes in, the social security administration (ssa) will be able to calculate a cola for 2024. 12, 2023, at 08:30 a.m., et, will provide the final puzzle piece needed.