2024 Social Security Increase Percentage. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024. The 3.2% raise aims to alleviate the impact of higher prices for essentials such as food, fuel, and various goods and services.

The latest cola is 2.5 percent for social security benefits and ssi payments. On average, social security retirement benefits will increase by more than $50 per month starting in january.