Social Security 2024 Cola Increase Date. More than 66 million retirees receiving social security checks will see their monthly government payments rise 3.2%, thanks to the social. The social security administration said the increased payments with the 2024 cola for supplemental security income (ssi) recipients began december 29, 2023, as january 1 is a holiday.

Last updated 26 december 2023. The awi is used to index an individual’s earnings through age 60 in the benefit calculation formula, and the cola is used to increase benefits annually.