Cost Of Living 2024 Social Security Increase Opm. We will announce the next cola in october 2024. In 2023, the social security administration indicated the cola would increase by 3.2% in 2024.
In 2023, the social security administration indicated the cola would increase by 3.2% in 2024. With the increase, the average benefit check will increase $49, rising to $1,907 from this year’s $1,858, the agency said.