Stefa Emmalynn

New Social Security Cola 2024. Social security benefits will increase by 3.2 percent beginning with the december 2023 benefits, which are. Starting in january, the estimated average monthly retirement benefit will increase by 3.2%, or $59 a month, for 2024 — from $1,848 to $1,907.

The cola is designed to help social security keep up with inflation, and beneficiaries can sometimes collect hundreds or even thousands more per year. This is an automatic update and you don’t need to do anything to.