Cost Of Living 2024 Social Security Increase. Starting in january, the estimated average monthly retirement benefit will increase by 3.2%, or $59 a month, for 2024 — from $1,848 to $1,907. If enacted, all three of these measures could reduce the taxes that help fund social security, which could deplete the program’s trust funds by 2031 and force a roughly 30% cut.

More than 71 million americans will see a 3.2% increase to their social security and supplemental security income benefits in 2024, the social security administration announced on. Starting in january, social security benefit payments for 66 million beneficiaries will rise 3.2% to keep up with the cost of living, the social security administration said thursday.