Social Security 2024 Increase Announcement Today. Social security recipients struggling with higher inflation get a major boost in their monthly benefits starting next year. 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.

Starting in january, the estimated average monthly retirement benefit will increase by 3.2%, or $59 a month, for 2024 — from $1,848 to $1,907. Social security recipients are eager to know what 2024’s cola will look like.