Social Security Increase 2024 For 2024. Inflation cooled considerably in 2023, but consumer prices still went up, producing a 3.2 percent cola for social security. On average, social security retirement benefits will increase by more than $50 per month starting in january.

Katherine rodriguez | nj advance media for nj.com. Social security payments will be sent out on the 3rd of each month, while ssi payments are sent out on the 1st of each month.