Cola Price 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. The latest cola is 3.2 percent for social security benefits and ssi payments.
A cola that matches the 2.9 percent july figure would increase the average social security retirement benefit โ about $1,870 a month in june 2024 โ by $54 a month. A 3.2% cola for 2024 would increase an average monthly retiree benefit of $1,790 by $57.30, the tscl said.