Cost Of Living 2024 Social Security Forecast. That’s a huge drop from this year’s 8.7% cola, which pushed the average monthly check up by about $146. The social security cost of living adjustment (cola) for 2024 will likely be 3.2% based on a jump in consumer price data through august.

The cola for 2022 was 5.9%. Social security benefits could increase 3.2% in 2024.