Doe Gavrielle

Cost Of Living Increase 2024 Percentage Formula. The social security administration announced its annual cost of living adjustment for 2024. Someone who received $10,000 in social security benefits in 2023 would see their 2024 annual benefit increase to $10,320.

Since 1975, social security’s general benefit increases have been based on increases in the cost of living, as measured by the consumer price index. Social security benefits will increase by 3.2 percent beginning with the december 2023 benefits, which are payable in january 2024.