According to multiple sources, including the Social Security Administration, Social Security benefits and Supplemental Security Income (SSI) payments will increase by 3.2% in 2024. This means that more than 71 million Americans will see a change in their benefit payments, and the average monthly Social Security retirement benefit will rise by $59, from approximately $1,848 to $1,907. The increase will begin in January 2024 for most Social Security beneficiaries and in December 2023 for SSI beneficiaries. The COLA notices will be available online to most beneficiaries in the message center of their my Social Security account in December 2023.