Cola Increase 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. But it’s still below the 3.2% increase afforded to social security recipients in 2024, and nowhere near the 8.7% and 5.9% increases for 2023 and 2022’s recipients,.

Social security cola for 2024. The latest cola is 3.2 percent for social security benefits and ssi payments.