Cost Of Living 2024 Social Security Increase Chart. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.

Going back to 1975, the year of the first automatic annual social security cola, the average increase was nearly 3.8%. This means that more than 71 million americans will.