2024 Social Security Increase Projections 2024. Relative to the size of the economy, spending for social security is projected to rise from 5.1 percent of gross domestic product (gdp) in 2024 to 6.7 percent of gdp in 2098. Cbo projects that if social security paid benefits as scheduled, spending on the program would increase.

A 3.2% cola for 2024 would increase an average monthly retiree benefit of $1,790 by $57.30, the tscl said. Payments to social security recipients may increase a bit more than expected in 2024, but an advocacy group says they’ll still fall short of what retirees need.