Cost Of Living Increase 2024 Estimated Increase. Social security beneficiaries will see a 3.2% boost to their benefits in 2024, the social security administration announced on thursday. These estimates are derived from the intermediate assumptions in the 2024 trustees report.

On average, social security retirement benefits will increase by about $50 per month starting in january. The average retired worker’s monthly social security benefit in august 2024 was $1,920.48.