Cost Of Living 2024 Social Security Increase. That equates to an average monthly rise of about $55 for all. Increased payments to nearly 7.5 million people receiving ssi will begin on december 31, 2024.

Social security recipients received a 3.2% increase in their benefits in 2024, and some retirees are concerned that this year’s increase is not big enough to meet their needs. 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.