2024 Social Security Cola Increase Update Date. 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 cola for 2025 will be announced in october 2024, based on data from july to september. A 3.2% cola for 2024 would increase an average monthly retiree benefit of $1,790 by $57.30, the tscl said.