Cola 2024 Social Security Increase

Cola 2024 Social Security Increase. 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. The updated amounts will take effect in december, with recipients seeing the increase in their january payments.

The average social security benefit, as of august 2023, was $1,705.79; That adds about $50 monthly to the average retirement benefit consumers.