Mandi Rozella

Cola 2024 Prediction Social Security Increase. How much is the increase: 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.

12 rows the awi is used to index an individual’s earnings through age 60 in the benefit calculation formula, and the cola is used to increase benefits annually. When will you know your social security cola for 2024?