Here’s How Much Social Security Payments Will Increase in 2024 Under New Estimate

A group estimated that Social Security recipients will see higher payments in 2024 as the yearly cost-of-living adjustment will be announced in October.

Blank Social Security checks are run through a printer at the U.S. Treasury printing facility in Philadelphia, Pa., on Feb. 11, 2005. William Thomas Cain/Getty Images

Hotter-than-anticipated inflation numbers in August will likely push Social Security recipients’ payments higher in 2024, coming just weeks before the Social Security Administration releases its cost-of-living adjustment.

The Senior Citizens League said Wednesday that the likely Social Security cost-of-living adjustment (COLA) will be 3.2 percent for benefit payments in 2024. That would average out to about a $57 increase in extra benefits, raising them to about $1,790 for the average recipient, it estimated in a press release.