Ss Cost Of Living Increase 2024 Increase. 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. In comparison, in 2025 social security recipients will receive a 2.5% increase, mirroring the latest consumer price index.

The cola was 3.2% in 2024. The cola increase raises social security payments by 3.2%.