Social Security Increase 2024 Estimated Date. In 2023, the social security administration indicated the cola would increase by 3.2% in 2024. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.

The average social security benefit for retired workers was $1,920 in september 2024. Ssa calculates the percent change between average prices in the third.