Cost Of Living Increase 2024 Estimated Cost

Cost Of Living Increase 2024 Estimated Cost. Social security beneficiaries will see a 3.2% boost to their benefits in 2024, the social security administration announced on thursday. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will 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. Each year, the irs, social security administration, and other federal agencies adjust policies to account for inflation.