According to multiple sources, including the Social Security Administration and news outlets such as CNBC and CNET, Social Security benefits will increase by 3.2% in 2024. This increase will affect more than 71 million Americans who receive Social Security benefits and Supplemental Security Income (SSI) payments. On average, Social Security retirement benefits will increase by more than $50 per month starting in January 2024. The increase is based on the annual cost-of-living adjustment (COLA) required by law, which is tied to the current rate of inflation. The COLA notices will be mailed throughout the entire month of December 2023, but beneficiaries can also check their new benefit amount for 2024 online in early December through the Message Center of their personal my Social Security account if they created their account by November 14, 2023.