Social Security Cola 2024 Increase Percentage Formula. Social security benefits will increase by 3.2 percent beginning with the december 2023 benefits, which are payable in january 2024. This marks a major shift down from the.

Federal ssi payment levels will also increase by 3.2. 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.