Social Security Increase 2024 Estimate Chart. You can earn up to four credits a year, equivalent to $6,920 in work income in. A cola of 3.0% would raise the current average monthly benefit of $1,787.00 by about $53.60, according to the senior citizens league.

In 2024, medicare’s annual cost is about 74 percent of social security’s annual cost. The 2024 cola, derived from 2023 inflation data, increased monthly benefits by 3.2 percent.