According to the Social Security Administration, the cost-of-living adjustment (COLA) for 2023 is 8.7% . However, the COLA for 2024 is 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 3.2% COLA will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024, and increased payments to approximately 7.5 million SSI recipients will begin on December 29, 2023. The average Social Security retirement benefit will increase by more than $50 per month starting in January 2024.