Social Security Cola 2024 Increase July

Social Security Cola 2024 Increase July. July and august inflation reports suggest next year’s boost likely to be around 3%, analysts say Average beneficiaries will see their monthly payments.

A 2.5 percent cola would increase the average benefit for a retired worker — about $1,920 a month in august 2024 — by $48 a month starting in january 2025. More than 71 million americans will see a 3.2% increase in their social security benefits and supplemental security income (ssi) payments in 2024.