Social Security Cost Of Living 2024. How much is the increase: Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.

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. Social security benefits will increase by 3.2 percent beginning with the december 2023.