What Is The New Cola Increase For 2024

What Is The New Cola Increase For 2024. A cola changes benefits based on changes in consumer prices. This is an automatic update and you don’t need to do anything to.

Starting in january, the estimated average monthly retirement benefit will increase by 3.2%, or $59 a month, for 2024 — from $1,848 to $1,907. Millions of social security recipients will get a 3.2% increase in their benefits in 2024, far less than this year’s historic boost and reflecting moderating consumer prices.