Social Security Increase 2024 Estimate News. That would be substantially lower than the record 8.7% cola for social security. In january 2024, payments rose by 3.2% over 2023, according to the social security administration.

That works out to an average of about $55 more a month for the. Seniors on social security were thrown a major bone at the start of 2023, when their benefits rose 8.7%.