Cost Of Living 2024 Social Security Estimate. In june 2024, the average monthly social security benefit for retired workers was $1,918. These estimates are derived from the intermediate assumptions in the 2024 trustees report.
It’s not going to approach 2023’s historically high cola increase of 8.7%, but the 2024 social security cost of living adjustment is expected to be 3.2%, which if it comes to fruition would raise an average monthly retiree benefit of $1,790 by $57.30. Published tue, jun 13 20231:04 pm edt updated tue, jun 13 20231:59 pm edt.