what is the increase for social security in 2024

According to the search results, Social Security benefits and Supplemental Security Income (SSI) payments for more than 71 million Americans will increase by 3.2% in 2024. This is the annual cost-of-living adjustment (COLA), which is based on the increase in the Consumer Price Index (CPI-W) from the third quarter of the previous year through the third quarter of the current year. The increase will begin with benefits that Social Security beneficiaries receive in January 2024, and increased SSI payments will begin with the December 29, 2023 payment. On average, Social Security retirement benefits will increase by more than $50 per month starting in January 2024.