Social Security Benefits 2024 Cola Increase. Over the last decade the cola increase has averaged about 2.6 percent. Social security benefits got a 3.2% cola in 2024, a smaller increase than the 8.7% boost in 2023.

The amount of earnings required to earn social security work credits will rise to $1,810 per quarter. The roughly 70 million americans who receive social security will see another significant increase to their benefits next year: