2024 Cost Of Living Increase Estimate. 12, when the september inflation numbers come out. — 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 fruition would raise an average monthly retiree benefit of $1,790 by $57.30.
— a chart of the 2024 cola figures can be found here. Here’s more about the cost of living in 2024.