Expected Cola Increase 2024. Given the recent high cola of 8.7% in 2023 and the anticipated lower increase in 2024, individuals nearing retirement should weigh the benefits of claiming now versus waiting. Social security benefits will increase by 3.2 percent beginning with the december 2023 benefits, which are.


Expected Cola Increase 2024

That would add about $57 to monthly. 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.

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