Cola Increase 2024 Projections. 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 that matches the 2.9 percent july figure would increase the average social security retirement benefit — about $1,870 a month in june 2024 — by $54 a.

Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024. When will you know your social security cola for 2024?