Cost Of Living Increase 2024 Estimates

Cost Of Living Increase 2024 Estimates. That took the average monthly benefit of $1,848 at the end of 2023 up to $1,907 at the start of 2024. The social security cost of living adjustment (cola) for 2024 will likely be 3.2% based on a jump in consumer price data through august.

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 2023, it was 8.7%.