Social Security Benefits to Rise 3.2% in 2024, Outpacing 10-Year Average

Social Security benefits will increase by 3.2% in 2024 due to the cost-of-living adjustment (COLA). This is higher than the 10-year average COLA of 2.8%.

The average monthly benefit across all beneficiary groups will rise from $1,705.79 currently to $1,760.30 in 2024.

The COLA varies across beneficiary groups - retired workers will see the biggest increase at $58.83 per month. Survivors and disabled workers will get around $47 more.

Recipients can estimate their new 2024 benefit by adding back Medicare Part B premiums, multiplying by 1.032, subtracting estimated 2024 premiums.

COLAs aim to offset inflation, but rising prices could still erode beneficiaries' purchasing power if inflation remains high.