Cola Increase 2024 Forecast. How much is the increase: At the start of 2023, seniors on social security saw their monthly benefits rise 8.7%.

(1 min) the average cola over the past 20 years has been 2.6%, according to the senior citizens league. It’s not going to approach 2023’s historically high cola increase of 8.7%, but the 2024 social security cost of living adjustment is expected to be 3.2%, which if it.