Social Security Cola 2024 Increase July. The senior citizens league said wednesday that the social security cost of living adjustment, or cola, will likely be 3.2% for 2024. The cost of living adjustment rose by 3.2 percent for 2024, the social security administration announced today.

“social security and ssi benefits will increase in 2024, and this will help millions of people keep up with expenses,” said kilolo kijakazi, acting commissioner of social security. The social security administration says that will raise average monthly payments by more than.