Social Security Increase 2024 Projections 2024

Social Security Increase 2024 Projections 2024. 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 in 2098. That was the highest annual increase since 1981.

That increase is attributable to the growing share of the population age 65 or older. It then generally declines to 6.1 percent by 2098.