2024 Cost Of Living Increase Social Security

2024 Cost Of Living Increase Social Security. Social security recipients will get a 3.2 percent increase in their monthly payments next year, the social security administration (ssa) announced oct. That equates to an average monthly rise of about $55 for all social security.

As of 2024, earnings above $168,600 are exempt from social security’s 6.2% payroll tax. The cola increase means your ssdi, ssi, or social security retirement benefits will be 3.2%.