Latest 2024 Cola Projection. If the forecast is correct, 2024 will see the lowest cola in three years. A cola of 3.2% would raise the average monthly retiree benefit by about $59.

It’s not going to approach 2023’s historically high cola increase of 8.7%, but the 2024 social security cost of living adjustment is expected to be 3.2%, which if it comes to. At the start of 2023, seniors on social security saw their monthly benefits rise 8.7%.