What Is 2024 Cost Of Living Increase. The earnings limit for workers who are younger than full retirement age (see. Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning.

In 2023, the social security cola was 8.7%. Bureau of labor statistics (bls), consumer prices rose 3.2 percent from february 2023 to february 2024, with the cost of food specifically increasing 2.2.