Social Security 2024 Increase. Inflation cooled considerably in 2023, but consumer prices still went up, producing a 3.2 percent cola for social security beneficiaries. The senior citizens league said wednesday that the social security cost of living adjustment, or cola, will likely be 3.2% for 2024.

That adds about $50 monthly to the average retirement benefit consumers will. In 2023, the social security administration indicated the cola would increase by 3.2% in 2024.