Social Security Increase 2024 Colada. In 2023, the social security administration indicated the cola would increase by 3.2% in 2024. A cola that matches the 2.9 percent july figure would increase the average social security retirement benefit — about $1,870 a month in june 2024 — by.

5.8 million people were newly awarded social security. Inflation cooled considerably in 2023, but consumer prices still went.