The federal government announced on October 16, 2023, that the Social Security Cost of Live Adjustment (COLA) for 2024 will be 3.2%, which is significantly lower than the 8.7% increase for 2023. This increase will provide an additional $50 per month for the average retiree.
Social Security recipients will receive a notice in the mail in early December showing their new benefit amount. Recipients will see an increase in their January 2024 payment. Those receiving SSI will see the increase on December 31, 2023.
Owners and managers of properties that are required to determine the income of residents should use the new COLA SS rate when projecting the income of applicants and residents. This also affects persons receiving SSI, VA pensions, Civil Service Pensions, and Railroad Retirement.