2024 Social Security Increase Cola Increase. Social security cola rates are expected to rise even more in 2024 after the latest august cpi data was released. 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.
More than 66 million retirement beneficiaries will see the 3.2% cola beginning in january 2024, the ssa said in a press release, and about 7.5 million supplemental security. Social security cola rates are expected to rise even more in 2024 after the latest august cpi data was released.
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