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The Social Security Administration (SSA) recently announced that the Social Security and Supplemental Security Income (SSI) benefits for approximately 71 million Americans will increase 3.2 percent in 2024. The cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI beneficiaries will begin on Dec. 29, 2023. The COLA increase also applies for Americans who rely on VA disability, military retirement, and other government benefits.
