Social Security Cola Increase 2024 Prediction. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi). The social security administration cannot finalize the 2024 cola without september inflation data, which is.

Social security and supplemental security income (ssi) benefits for more than 71 million americans will increase 3.2 percent 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 benefit of $1,790 by $57.30.