Social Security 2024 Cola Increase Payments. 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 and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.

Inflation cooled considerably in 2023, but consumer prices still went up, producing a 3.2 percent cola for social security beneficiaries. The average social security benefit is about $1,700 a month, according to the ssa.