Social Security 2024 Cola Increase Date. For workers currently in their 30s and 40s who are subject to the full retirement age increase, the average annual benefit cut would be 13 percent, or around $3,500 a year. On average, social security retirement benefits will increase by more than $50 per month starting in january.
Increased ssi payments will begin with the december 29, 2023 payment. The league’s latest predictions points to a cola of 2.5%, which is slightly lower than its august prediction of 2.57%.