Cola 2024 Prediction Opportunities. How much is the increase: A cola of 3% for 2024 would raise an average monthly benefit of $1,789 by $ 53.70—well down from this year’s average increase of $146 a month after this year’s historic.
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 and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.
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