Social Security Cost Of Living Increase 2024. 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. On average, social security retirement benefits will increase by more.
That adds about $50 monthly to the average. Social security recipients will get a 3.2 percent increase in their monthly payments next year, the social security administration (ssa) announced oct.