Cost Of Living 2024 Social Security Forecasting. 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 june 2024, the average monthly social security benefit for retired workers was $1,918.

For all recipients — including spouses, children and disabled workers —. 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.