How Much Will Cola Increase In 2024

How Much Will Cola Increase In 2024. Beginning in january, benefits will increase by 3.2%, or roughly $58 a month for the average retiree. Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning.

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. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.