Projected 2024 Social Security Cola Increase. If trump also executes his plan to stop taxing social security without a plan to fully. The cola is designed to help social security keep up with inflation, and as rising costs continue to take a bite out of retirees' budgets, any extra benefits can go a.

The social security administration announced on october 12, 2023, that benefits will increase by 3.2% in 2024, a far more modest increase than recipients saw. Ssa calculates the percent change.