Social Security Increase 2024 Announcement. A 3 percent adjustment would boost the average social security retirement benefit — $1,839 a month in july 2023 — by about $55 a month in 2024. Social security beneficiaries will see a 3.2% boost to their benefits in 2024, the social security administration announced on thursday.
A more recent report, released in july 2024, finds that social security benefits have lost 20% of their buying power since 2010. How much is the increase: