Social Security Cola 2024 Calculator For Retirees. In 2023, the social security administration indicated the cola would increase by 3.2% in 2024. A cola increases a person's social security retirement benefit by approximately the product of the cola and the benefit amount.

In 2023, the social security cola was 8.7%. More than 66 million retirees receiving social security checks will see their monthly government payments rise 3.2%, thanks to the social security administration’s.