Cola 2024 Increase Announcement 2024. Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning. Social security cola 2024 estimates rose in an unexpected twist.

A 3 percent adjustment would boost the average social security retirement benefit — $1,839 a month in july 2023 — by about $55 a month in 2024. Effective july 1, 2024, the cola rate is 2.00% for those with a retirement date on or before july 1, 2023.