Social Security Increase 2024 Estimated Payments. The latest cola is 3.2 percent for social security benefits and ssi payments. In january 2024, payments rose by 3.2% over 2023, according to the social security administration.

A 3 percent adjustment would boost the average social security retirement benefit — $1,839 a month in july 2023 — by about $55 a month in 2024. In 2024, the annual increase to social security benefits (cola) will be 3.2%.