Social Security Cola 2024 Effective Date. “social security and ssi benefits will increase in 2024, and this will help millions of people keep up with expenses,” said kilolo kijakazi, acting commissioner of social security. Social security and supplemental security income (ssi) benefits for more than 71 million americans will increase 3.2 percent in 2024.

This is an automatic update and you don’t need to. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.