Cost Of Living Increase 2024 Estimated Increase. The latest cola is 2.5 percent for social security benefits and ssi payments. A 3% cola could increase this by $51.17 monthly, resulting in $1,756.96 for.

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. Social security beneficiaries will see a 3.2% boost to their benefits in 2024, the social security administration announced on thursday.