According to multiple sources, including the Social Security Administration and news outlets such as CNBC and Kiplinger, Social Security benefits will increase by 3.2% in 2024. This increase is lower than the 8.7% increase seen in 2023, but it is still expected to help retirees keep up with increasing living expenses. The average monthly retiree benefit of $1,790 will increase by $57.30 due to the 3.2% COLA. The increase will take effect in January 2024 for most Social Security beneficiaries, while SSI beneficiaries will see the increase in their December checks.