2024 Social Security Increase Estimate. How much is the increase: Over the long term, cbo projects that social security spending (assuming scheduled benefits are paid) will grow to $2.5 trillion (16.8 percent of taxable payroll or.
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. The social security administration is expected to announce the 2024 social security cola this october, anticipated by some groups to hit 3 percent and raise the.