2024 Cost Of Living Increase Social Security Increase

2024 Cost Of Living Increase Social Security Increase. A 3.2% cola for 2024 would increase an average monthly retiree benefit of $1,790 by $57.30, the tscl said. Social security benefits will increase by 2.5 percent beginning with the december 2024 benefits, which are payable in january 2025.

Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning. The 2.5% cola increase will boost the average social security payment by about $50 starting in january, the agency said on.