Social Security Cola 2024 Increase Percentage Difference. A 3 percent adjustment would boost the average social security retirement benefit — $1,839 a month in july 2023 — by about $55 a month in 2024. The percentage change is the cola for the following year, typically announced in october.

The average social security benefit, as of august 2023, was $1,705.79; That adds about $50 monthly to the average retirement benefit consumers will.