Cost Of Living 2024 Social Security Estimate. A 3 percent adjustment would boost the average social security retirement benefit — $1,839 a month in july 2023 — by about $55 a month in 2024. Since 1975, the social security administration has adjusted social security payments on an annual basis to ensure benefits keep pace with inflation.

The social security administration will share the news on its website.once you know what it is, you. It’s not going to approach 2023’s historically high cola increase of 8.7%, but the 2024 social security cost of living adjustment is expected to be 3.2%, which if it comes to fruition would raise an average monthly retiree.