Cost Of Living 2024 Social Security Increase Rate. With the increase, the average benefit check will increase $49, rising to $1,907 from this year's $1,858, the agency said. Social security benefits will increase by 3.2 percent beginning with the december 2023 benefits, which are payable in january 2024.
That adds about $50 monthly to the average retirement benefit consumers. As inflation subsides, social security beneficiaries are poised to see a lower benefit increase next year.