Social Security Increase 2024 Estimate Chart. A cola of 3.0% would raise the current average monthly benefit of $1,787.00 by about $53.60, according to the senior citizens league. Social security recipients will get a 3.2 percent increase in their monthly payments next year, the social security administration (ssa) announced oct.
The maximum amount of earnings subject to the social security tax (taxable maximum) will increase to $168,600. The social security 2024 cola increase took effect in january 2024 and translated to an average increase of $59 per month for people receiving social security retirement benefits.
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