Cola 2024 Latest. The most recent estimate puts next year's cola at 2.57%. A cola of 3% — much less than this year's 8.7% increase — would raise the average monthly social security benefit from $1,789 to $1,842.70.

A lower cola is both. 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.