Cola Increase 2024 Inflation. The social security administration’s annual cost of living adjustment for 2024 is 3.2%, reflecting a more moderate rate of inflation than the price jumps that necessitated last. If the cola increase is between 2.6 percent and 2.9 percent, it would be the lowest annual.

How much is the increase: The average monthly retirement benefit will increase from $1,848 to $1,907, and the average benefit for.