Cost Of Living Increase 2024 Social Security Benefits. 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. On average, social security retirement benefits will increase by more than $50 per month starting in january.

Seniors on social security were thrown a major bone at the start of 2023, when their benefits rose 8.7%. In 2024, you get one credit for earnings of $1,730, $90 more than the 2023 level.