Social Security Increase 2024 Announcement Date. 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 3.2% in 2024, the social security administration announced thursday morning.

Social security recipients will see their monthly payments inch up by only 2.5% next year, as the steady decline in inflation puts a damper on the program’s annual. This amount is also commonly referred to as the taxable maximum.