2024 Cost Of Living Increase Social Security Increase

2024 Cost Of Living Increase Social Security Increase. The average beneficiary will see a $54 increase in their benefit amount. In 2025, the social security payroll tax will be assessed on the first $176,100 of income, up from $168,600 this year.

Social security’s 2024 cola will lift the average monthly benefit for workers with disabilities and survivor beneficiaries by $48 and $47, respectively, leading to average payouts. In 2024, the annual increase to social security benefits (cola) will be 3.2%.