2024 Social Security Increase Prediction Formula. On average, social security retirement benefits will increase by more. The social security 2024 cola increase took effect in january 2024 and translated to an average increase of $59 per month for people receiving social security.
Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024. Inflation cooled considerably in 2023, but consumer prices still went up, producing a 3.2 percent cola for social security beneficiaries.