Social Security Increase 2024 Cola Increase.  — a cola that matches the 2.9 percent july figure would increase the average social security retirement benefit — about $1,870 a month in june 2024 — by.  — social security recipients will get a 3.2 percent increase in their monthly payments next year, the social security administration (ssa) announced oct.

 — while cola increases the average monthly social security payment, it also increases medicare premiums. That adds about $50 monthly to the average retirement benefit consumers will.