Cola Increase 2024 Forecast. A 3.2% cola would mean about an extra $54.50 each month. There was a 2.9% increase in july, the labor department reported wednesday that the august figure rose at an annual rate of 2.5%, although the inflation.

At the start of 2023, seniors on social security saw their monthly benefits rise 8.7%. In 2023, the social security administration indicated the cola would increase by 3.2% in 2024.