2024 Cost Of Living Increase Percentage 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. Cost of living adjustments (cola) are increases designed to offset inflation.

Social security benefits will increase by 3.2% in 2024, the social security administration announced thursday morning. How much more money will social security beneficiaries receive in 2024?