Projected 2024 Cola Increase. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024. In 2023, the social security administration indicated the cola would increase by 3.2% in 2024.

That would add about $57 to monthly. While the cola increase will boost social security benefits, it is anticipated that the standard medicare part b premium will also rise.