What Is The Social Security Increase For 2024 Over 65. 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. That adds about $50 monthly to the average retirement benefit consumers will.

Benefits vary with earnings, age at retirement and other factors. Each year we review the records for every working social security beneficiary to see if their additional earnings will increase their monthly benefit amount.