What Is The Estimated Cola For 2024. Given the recent high cola of 8.7% in 2023 and the anticipated lower increase in 2024, individuals nearing retirement should weigh the benefits of claiming. 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.

The average monthly social security benefit as of august 2024 is $1,920. The latest cola is 3.2 percent for social security benefits and ssi payments.