Cola Increase 2024 Projections Usa. The consumer price index increased 0.2% in july, coming in right at expectations. 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 $54 a.

July is particularly important because it kicks off the first of three months ssa officially uses to calculate 2024’s cola. A cola changes benefits based on changes in consumer prices.