Cost Of Living 2024 Social Security Increase For Seniors. Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning. The latest cola is 2.5 percent for social security benefits and ssi payments.

Anyone who is a current social security recipient or who will turn 62 in 2023 — the earliest age at which an individual can claim social security — would receive an extra $200. Starting in january, social security benefit payments for 66 million beneficiaries will rise 3.2% to keep up with the cost of living, the social security administration said thursday.