Social Security Cola 2024 Announcement Date 2024. The social security administration says that will raise average monthly payments by more than $50. The social security cola for 2023 was 8.7%.
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 adds about $50 monthly to the average retirement benefit consumers.