2024 Social Security Increase Letter 2024. Social security and supplemental security income (ssi) benefits for more than 71 million americans will increase 3.2 percent in 2024, the social security administration announced. That adds about $50 monthly to the average retirement benefit.

How much will my social security payment be with the 2024 cola increase? Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning.