How Much Will Social Security Increase 2024. Here's when it is and how to prepare. 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.
Over the last decade the cola increase has averaged about 2.6 percent. The average social security benefit is about $1,700 a month, according to the ssa.