Social Security Max 2024 Benefit Increase. Social security recipients will see their monthly payments inch up by only 2.5% next year, as the steady decline in inflation puts a damper on the program’s annual. The nation's 72 million social security beneficiaries will get a raise starting in 2024 to keep their benefits aligned with inflation.
In 2023, the social security administration indicated the cola would increase by 3.2% in 2024. The initial benefit amounts shown in the table below assume retirement in january of the stated.