Cost Of Living Increase 2024 Estimate. The social security administration announced its annual cost of living adjustment for 2024. The annual inflation rate for the us was 2.5% for the 12 months ending august 2024, according to the latest data from u.s.

This is the same as last month’s prediction.a cola of 3% — much less. Social security’s scheduled cost of living increase ‘won’t make a dent’ for some retirees.