2024 Social Security Cola Increase Update 2024. A 3.2% cola for 2024 would increase an average monthly retiree benefit of $1,790 by $57.30, the tscl said. Social security and supplemental security income (ssi) benefits for more than 71 million americans will increase 3.2 percent in 2024.

The map shows which states will see the lowest social security increases next year. Once that information comes in, the social security administration (ssa) will be able to calculate a cola for 2024.