Cola 2024 Increase Announcement. Washington (ap) — millions of social security recipients will get a 3.2% increase in their benefits in 2024, far less than this year’s historic boost and reflecting moderating consumer prices. The social security administration says that will raise.

A cola that matches the 2.9 percent july figure would increase the average social security retirement benefit — about $1,870 a month in june 2024 — by $54 a month starting in january 2025. The social security administration announced an 3.2% cola increase for 2024.