Cola 2024 Prediction Social Security. When will you know your social security cola for 2024? 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.

The latest cola is 3.2 percent for social security benefits and ssi payments. The latest forecast for next year’s increase is 3.2%.