Social Security Cola 2024 Predictions July. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024. A cola of 3% — much less than this year's 8.7% increase — would raise the average monthly social security benefit from $1,789 to $1,842.70.

The inflation gauge used by the social security administration (ssa) to set the annual cola rose at a 2.6 percent annual rate for july and 3.4 percent for august — the first two of the three. Forecasts for social security’s 2025.