Cost Of Living 2024 Social Security Estimate. The annual social security cost of living adjustment (cola) will be “significantly lower” in 2024, one year after ringing in at 8.7%—the highest adjustment in. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024.

A 3.2% cola for 2024 would increase an average monthly retiree benefit of $1,790 by $57.30, the tscl said. Use this social security benefits calculator to estimate your retirement benefits based on your age, earnings and retirement date.