Social Security Cola Increase 2024 Prediction. That’s a huge drop from this year’s 8.7% cola, which pushed the average monthly check up by about $146. That’s less than half of the previous year’s cola increase.

Ssa calculates the percent change between average prices in the third. A 3 percent adjustment would boost the average social security retirement benefit — $1,839 a month in july 2023 — by about $55 a month in 2024.