Estimated Cola Increase For 2024. That figure fell to 2.9% from may's 3.2% and, is finally below. Cola could be 2.6% in 2025,.

Given the recent high cola of 8.7% in 2023 and the anticipated lower increase in 2024, individuals nearing retirement should weigh the benefits of claiming. A 3.2% cola for 2024 would increase an average monthly retiree benefit of $1,790 by $57.30, the tscl said.