2024 Social Security Increase Amount Per Month. That adds about $50 monthly to the average retirement benefit consumers will. What is the maximum social security benefit in 2024?

With the 2024 cola in effect, this average will increase by $27.50 to $886.97 per month ($10,643.64 per year). The highest social security retirement benefit for an individual starting benefits in 2024 is $4,873 per month, according to the social security administration.