Social Security Increase 2024 Cola Update. 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.

That adds about $50 monthly to the average retirement benefit consumers will. Increased payments to nearly 7.5 million people.