Cost Of Living 2024 Social Security Increase 2024. For 2024, social security benefits and supplemental security income (ssi) payments will increase by 3.2%. Increased payments to nearly 7.5 million people receiving ssi will begin on december 31, 2024.

This increase, announced by the social security administration (ssa) on october 12, 2023, will provide an extra $50 per month to beneficiaries on average. Nearly 68 million social security beneficiaries will see a 2.5% cola beginning in january 2025.