Cola 2024 Social Security Benefits. In 2023, a historic rise of 8.7 percent was granted to. Eight of the last 15 adjustments have come in lower than inflation for that year.
The social security administration announced an 3.2% cola increase for 2024. A 3 percent adjustment would boost the average social security retirement benefit โ $1,839 a month in july 2023 โ by about $55 a month in 2024.