Cost Of Living Increase 2024 Social Security. We will announce the next cola in october 2024. In 2023, the social security cola was 8.7%.
Starting in january, the estimated average monthly retirement benefit will increase by 3.2%, or $59 a month, for 2024 โ from $1,848 to $1,907. Social security benefits are on pace for a 3% cola in 2024.