Cola Increase 2024 Social Security Rate. Cbo projects that if social security paid benefits as scheduled, spending on the program would increase from 5.1 percent of gross domestic product (gdp) in 2024 to 6.7. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.
That equates to an average monthly rise of. Social security benefits will increase by 3.2 percent beginning with the december 2023.