Social Security Cost Of Living Increase 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. A 3.2% cola for 2024 would increase an average monthly retiree benefit of $1,790 by $57.30, the tscl said.

Federal ssi payment levels will also increase by 3.2. Social security benefits will increase by 3.2 percent beginning with the december 2023 benefits, which are payable in january 2024.