Cost Of Living Increase 2024 Social Security. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024. Social security recipients will get a 3.2 percent increase in their monthly payments next year, the social security administration (ssa) announced oct.

Social security benefits will increase by 3.2 percent beginning with the december 2023. While the 2024 cola is far lower than last year’s 8.7% increase, it’s still higher than average thanks to stubborn inflation.