2024 Cost Of Living Increase Social Security Benefits. Increased payments to approximately 7.5 million ssi recipients will begin on december 29, 2023. On average, social security retirement benefits will.

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. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024.