Social Security Increase 2024 Projections 2024. 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. Social security and supplemental security income (ssi) benefits for more than 71 million americans will increase 3.2 percent in 2024.
That’s because colas are based on third quarter inflation. As of 2024, earnings above $168,600 are exempt from social security’s 6.2% payroll tax.