Expected Cola Increase For 2024. The next cola will be announced thursday and be. Social security benefits will increase by 3.2 percent beginning with the december 2023 benefits, which are payable in january 2024.
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. How much is the increase: