Ssa Cost Of Living Increase 2024. This is an automatic update and you don’t need to do anything to get it. 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.
The monthly maximum federal amounts for 2024 are $943 for an eligible individual, $1,415 for an eligible individual with an eligible spouse, and $472 for an essential person. — millions of social security recipients will get a 3.2% increase in their benefits in 2024, far less than this year’s historic boost and reflecting moderating consumer prices.