Cost Of Living 2024 Payment Increase. Social security benefits will increase by 2.5 percent beginning with the december 2024 benefits, which are payable in january 2025. Starting in january, social security benefit payments for 66 million beneficiaries will rise 3.2% to keep up with the cost of living, the social security administration said thursday.

The cost of living adjustment rose by 3.2 percent for 2024, the social security administration announced today. Beginning in january, benefits will increase by 3.2%, or roughly $58 a month for the.