Cola 2024 Social Security Increase Updates. The social security administration said the increased payments with the 2024 cola for supplemental security income (ssi) recipients began december 29, 2023, as january 1 is a holiday. That equates to an average monthly rise of.

Historically speaking, that’s actually not so low for a cola. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024.