2024 Cola Social Security. Social security announces 3.2 percent benefit increase for 2024. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024.
That adds about $50 monthly to the average. The social security administration’s annual cost of living adjustment for 2024 is 3.2%, reflecting a more moderate rate of inflation than the price jumps that necessitated last.