2024 Social Security Increase Cola By Age. General a cola increases a person's social security retirement benefit by approximately the product of the cola and the benefit amount. 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.

Seniors on social security were thrown a major bone at the start of 2023, when their benefits rose 8.7%. General a cola increases a person’s social security retirement benefit by approximately the product of the cola and the benefit amount.