According to the Social Security Administration, the cost-of-living adjustment (COLA) for Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase by 3.2% in 2024. This means that the increased payments to approximately 66 million Social Security beneficiaries will begin in January 2024, while increased payments to approximately 7.5 million SSI recipients will begin on December 29, 2023. Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account in December 2023.