2024 Social Security Increase Percentage. The average monthly retirement benefit will increase from $1,848 to $1,907, and the average benefit. 5.8 million people were newly awarded social security benefits in 2023.

The trustees project that social security’s annual cost will increase from 5.2 percent of gdp in 2024 to about 6.4 percent in 2078. The latest cola is 3.2 percent for social security benefits and ssi payments.