According to the Social Security Administration, Social Security benefits will increase by 3.2% in 2024. This increase is known as the cost-of-living adjustment (COLA) and is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year. The COLA will begin with benefits that Social Security beneficiaries receive in January 2024, and increased SSI payments will begin on December 29, 2023. The average retirement benefit consumers will receive will increase by about $50 monthly. However, some advocacy groups for older Americans, such as the Senior Citizens League, argue that larger increases are required, especially for older retirees, as the costs of the goods and services they need are growing much faster than Social Security benefits.