Cost Of Living 2024 Social Security Estimates 2024. That means the average social security benefit will increase from $1,705.79 in august 2023 to $1,760.30 in january 2024, representing an extra $54.51 per month for the average recipient. On average, social security retirement benefits will increase by more.

The senior citizens league (tscl), one of the nation’s largest nonpartisan seniors groups, had previously estimated that the 2024 cola would be 3.2% based on the. That means the average social security benefit will increase from $1,705.79 in august 2023 to $1,760.30 in january 2024, representing an extra $54.51 per month for the average recipient.