2024 Social Security Cola Forecast 2024. Most americans cheer cooling inflation, but social security recipients worry cola for 2024 could end up less than a third of 2023's 8.7% increase. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024.

The latest cola is 2.5 percent for social security benefits and ssi payments. Retirees likely could be looking at a cost of living adjustment.