Social Security 2024 Cost Of Living Increase Calculator. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024. With the increase, the average benefit check will increase $49, rising to $1,907 from this year's $1,858, the agency said.

The calculation for social security benefits is pretty simple. In january 2024, payments rose by 3.2% over 2023, according.