Social Security 2024 Cola Increase News. A cola of 3.5% would raise the average social security retirement benefit by $62.73 a month, based on the latest social security administration data. Washington (ap) — millions of social security recipients will get a 3.2% increase in their benefits in 2024, far less than this year’s historic boost and reflecting.

A cola of 3.0% would raise the current average monthly benefit of $1,787.00 by about $53.60, according to the senior citizens league. 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.