Social Security 2024 Cola Increase Projection. Social security and supplemental security income (ssi) benefits for more than 71 million americans will increase 3.2 percent in 2024. That's because colas are based on third quarter inflation.
Most americans cheer cooling inflation, but social security recipients worry cola for 2024 could end up less than a third of 2023’s 8.7% increase. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.