Cola 2024 Prediction Algorithm. This adjustment aims to help social security keep up with inflation over time. Beginning in january 2024, checks reflecting those increases were sent to the more than 66 million.

With the increase, that would jump to $1,760.30 per month. A cola of 3% — much less than this year’s 8.7% increase — would raise the average monthly social security benefit from $1,789 to $1,842.70.