Cola Increase 2024 News. More than 71 million americans receiving social security benefits will see their checks rise by 3.2 percent next year to help them keep pace with inflation. A cola of 3.2% would raise the average monthly retiree benefit by about $59.
Social security recipients will receive 8.7% cola increase for 2023. That’s a huge drop from this year’s 8.7% cola, which pushed the average monthly.
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