Social Security Benefits Cola 2024 Increase. This upcoming increase is meant to aid retirees. Since 2000, the average social security cola has been 2.6%.

In 2024, the annual increase to social security benefits (cola) will be 3.2%. 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.