Potential Cola Increase For 2024

Potential Cola Increase For 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. A cola boost of 3.2% would amount to a little more than $57 extra each month for someone who is receiving $1,790 a month, the average social security monthly retiree benefit, according to the.

Social security recipients are on track to receive the smallest cola increase since the pandemic began. That adds about $50 monthly to the average retirement benefit consumers.