2024 Social Security Cola Increase Date July. The social security program’s annual cost of living adjustment, known as cola, brought seniors a 5.9 percent boost in 2022, an 8.7 percent increase in 2023. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.
Social security cola to rise 3.2% in 2024: The latest cola is 3.2 percent for social security benefits and ssi payments.