Social Security Benefits Will Rise 3.2% In 2024, While Top Tax Jumps 5.2%

Social Security benefits will increase 3.2% in 2024 for the nation’s 71 million recipients, raising the average monthly check for a single retired worker to $1,907, up $59 from $1,827 this year, and for a retired couple both receiving benefits to $3,033, up $94 from $2,939 this year, the Social Security Administration said today. That’s a small boost compared to the 8.7% cost-of-living adjustment (COLA) for 2023 (the largest since 1981, as shown in the chart below) and reflects the damper that’s been put on inflation.