Social Security Cost Of Living Increase 2024 Increase

Social Security Cost Of Living Increase 2024 Increase. Since 1975, social security's general benefit increases have been based on increases in the cost of living, as measured by the consumer price index. Americans receiving social security will see their checks increase next year by 2.5% per month, which translates to just about $50 for the average.

Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning. Over the last decade the cola increase has averaged about 2.6 percent.