Social Security 2024 Increase Percent. The latest cola is 3.2 percent for social security benefits and ssi payments. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.

In 2023, the social security administration indicated the cola would increase by 3.2% in 2024. A 3 percent adjustment would boost the average social security retirement benefit — $1,839 a month in july 2023 — by about $55 a month in 2024.