Social Security Payments 2024. The 2.5 percent increase will mean a benefit recipient receiving $1,870 per month from ssa could see their monthly payment rise by about $46.80, according to independent social security and. In addition to a 2024 cola announcement, the ssa will put out a fact sheet on other changes to.

For a worker who becomes eligible for social security payments in 2024, the benefit amount is calculated by multiplying the first $1,174 of average indexed monthly earnings by 90%, the. Earnings above that level are not taxed for the purpose of.