Cola 2024 Increase Announcement For Retirees. The social security administration said the increased payments with the 2024 cola for supplemental security income (ssi) recipients began december 29,. Effective july 1, 2024, the cola rate is 2.00% for those with a retirement date on or before july 1, 2023.

Effective july 1, 2024, the cola rate is 2.00% for those with a retirement date on or before july 1, 2023. But next year’s cola is shaping up to be a lot lower.