With the just-released figure of 302.257 for September 2023, that brings the 2023 average to 301.236. That's an increase of 3.2%, and so that's what the COLA will be for 2024.

Data from the SSA shows that the average Social Security benefit in August 2023 was $1,705.79. A 3% COLA could increase this by $51.17 monthly, resulting in $1,756.96 for 2024.

In 2023, the COLA adjustment added up to an extra $146 a month based on an average benefit of around $1,681 a month for all retired workers. On a yearly basis, that kind of COLA adjustment added ...

The Social Security Administration will do the same thing to calculate the 2025 COLA, except it'll base its data on the CPI-W figures from 2023 and 2024. It'll be officially announced on Oct. 10, 2024 ...

Despite the record-breaking COLA of 8.7% in 2023, many retirees are not experiencing significant financial windfalls. The average monthly retiree benefit was just $1,790 in 2023, as revealed by ...