2024 Social Security Cola Estimate. On average, social security retirement benefits will increase by more. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024.

It’s not going to approach 2023’s historically high cola increase of 8.7%, but the 2024 social security cost of living adjustment is expected to be 3.2%, which if it comes to fruition would raise an average monthly retiree. In 2024, for example, social security benefits rose 3.2%.