2024 Social Security Increase Cola Update. Seniors on social security were thrown a major bone at the start of 2023, when their benefits rose 8.7%. For 2024, social security benefits and supplemental security income (ssi).

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