Cost Of Living 2024 Social Security Forecast 2024. Cbo projects that if social security paid benefits as scheduled, spending on the program would increase from 5.1 percent of gross domestic product (gdp) in 2024 to 6.7 percent in 2098. — it’s not going to approach 2023’s historically high cola increase of 8.7%, but the 2024 social security cost of living adjustment is expected to be 3.2%, which if it comes to fruition would raise an average monthly retiree benefit of $1,790 by $57.30.
Cbo projects that if social security paid benefits as scheduled, spending on the program would increase from 5.1 percent of gross domestic product (gdp) in 2024 to 6.7 percent in 2098. How much is the increase: