Social Security 2024 Cola Estimate. The senior citizens league raised its social security cola projection for 2024 to 3.2% from 3%. Increased payments to approximately 7.5 million ssi recipients will begin on december 29, 2023.

The latest cola is 3.2 percent for social security benefits and ssi payments. A 3 percent adjustment would boost the average social security retirement benefit — $1,839 a month in july 2023 — by about $55 a month in 2024.