According to the Social Security Administration, Social Security benefits and Supplemental Security Income (SSI) payments for more than 71 million Americans will increase by 3.2% in 2024. This is the annual cost-of-living adjustment (COLA) and will begin with benefits that Social Security beneficiaries receive in January 2024. Increased SSI payments will begin with the December 29, 2023 payment. On average, Social Security retirement benefits will increase by more than $50 per month starting in January.