Cola Increase 2024 Forecast. At the start of 2023, seniors on social security saw their monthly benefits rise 8.7%. The current forecast is an increase of 2.57.
The next cola will be announced thursday and be effective starting january 2024. The social security cost of living adjustment for 2024 will likely be 3.2% based on a jump in consumer price data through august, according to the senior citizens league.