Social Security Increase 2024 Update. Washington (ap) — millions of social security recipients will get a 3.2% increase in their benefits in 2024, far less than this year’s historic boost and reflecting moderating consumer prices. The cola increase means your ssdi, ssi, or social security retirement benefits will be 3.2% higher in 2024.
Though a 2.5% hike would be less of an increase than the 3.2% received in 2024, it falls roughly within the bounds of the historical norm, which has averaged at about 2.6% over the past two decades. There was a 2.9% increase in july, the labor department reported wednesday that the august figure rose at an annual rate of 2.5%, although the inflation index the cola is based on rose 2.4%.
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