Cola For August 2024 Calculator. The average social security benefit, as of august 2023, was $1,705.79; The average beneficiary will see a $54 increase in their benefit amount.

The senior citizens league (tscl) recently estimated the 2024 cola will be 3.2%, or an extra $57.30 per month for the average retiree. Social security cola rates are expected to rise even more in 2024 after the latest august cpi data was released.