Cost Of Living 2024 Increase. How much is the increase: Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.

Social security benefits have been increased by 3.2% for 2024, meaning social security recipients and those on supplemental security income (ssi) will see a 3.2% increase in their benefits effective january 2024. 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.