Social Security 2024 Cola Increase Payments. Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning. Millions of social security recipients will get a 3.2% increase in their benefits in 2024, far less than this year's historic boost and reflecting moderating consumer prices.

The cola increase raises social security payments by 3.2%. Social security and supplemental security income (ssi) benefits for more than 71 million americans will increase 3.2 percent in 2024.