Social Security is boosting benefits in 2024. Here's when you'll get your cost-of-living increase.

The nation's 72 million Social Security recipients are just days away from getting a boost to their monthly benefits. 

The 2024 cost-of-living adjustment, or COLA, has been set for a 3.2% bump — the smallest increase in three years. That's because the Social Security Administration bases its annual adjustment on the inflation rate, which has been rapidly cooling. 

By comparison, recipients in 2023 received a historic 8.7% increase to keep up with the hottest inflation in four decades.