Sunny Ernaline

Cola 2024 Increase Announcement. That would add about $57 to. In 2023, the social security administration indicated the cola would increase by 3.2% in 2024.

Starting in january, the estimated average monthly retirement benefit will increase by 3.2%, or $59 a month, for 2024 — from $1,848 to $1,907. Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning.