2024 Cost Of Living Increase Est. These adjustments are called cost of living. That will add about $57 to the average current monthly social security “old age”.

Social security recipients will see their benefits increase by 3.2% in 2024. 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.