Cola Increase 2024 News. Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning. 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.

Social security recipients finally have something to cheer: In a quirk of the calendar, this vulnerable population is likely to miss.