The Social Security Administration recently announced that there will finally be a cost of living increase to all social security benefits paid. The Social Security Administration will pay an additional 3.6% in benefits because of the increase in the cost of living. The average social security benefit is $1,082.00 per month. Thus, the average increase would be $39.00 per month. This cost of living increase has been much anticipated as there has not been a cost of living adjustment in social security benefits since 2009.