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

In 2024, the annual increase to social security benefits (cola) will be 3.2%. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments.