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Starting in January, federal retirees and other beneficiaries will see another cost-of-living adjustment (COLA) added to their Social Security benefits.\nThe 2024 COLA will be 3.2%, the Social Security Administration announced Thursday. It\u2019s a relatively smaller adjustment compared with the COLA that beneficiaries received for 2023.\nThe annual COLA is meant to keep federal retirees and Social Security recipients\u2019 benefits on pace with rising inflation. COLA amounts are determined by the third quarter each year of the Bureau of Labor Statistics\u2019 Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).\nBut like every year, not all federal retirees will receive the full 2024 COLA. Depending on the system under which a federal employee retires, the exact 2024 COLA amount varies.\nLearn more about your ad choices. Visit podcastchoices.com/adchoices