Social Security 2024 Cola Increase News. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024. Take care of living expenses.

Starting in january, the estimated average monthly retirement benefit will increase by 3.2%, or $59 a month, for 2024 — from $1,848 to $1,907. Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning.