According to the Social Security Administration, the cost-of-living adjustment (COLA) for 2024 will be 3.2%. This means that Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase by 3.2% in 2024. The average retirement benefit will increase by about $50 a month, beginning in January 2024, according to the Social Security Administration. However, this increase may not be enough to cover the rising costs of healthcare and other expenses.