What Is The Estimated Cola For 2024. These estimates are derived from the intermediate assumptions in the 2024 trustees report. A cola of 3% — much less than this year's 8.7% increase — would raise the average monthly social security benefit from $1,789 to $1,842.70.
Social security benefits will increase by 3.2 percent beginning with the december 2023 benefits, which are payable in january 2024. The 2024 cola will likely be 3.2%, according to the latest and likely final estimate from the senior citizens league (tscl), a nonpartisan seniors advocacy group.