2024 Cola Increase Estimate. 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. This is an automatic update and you don’t need to do anything to.
The cola will be applied to veterans’ benefits, retirement pay and. Aarp projects that social security benefits will increase by about 3 percent in 2024, based on inflation data for july and august.