Social Security 2024 Cola. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024. For next year, the senior citizens league (tscl) released its new prediction for the cola, saying benefits would likely rise just 2.5 percent.

Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning. Social security colas are based on inflation data from q3 of the current and previous years.