Cost Of Living Increase 2024 For Seniors. Starting in january, the estimated average monthly retirement benefit will increase by 3.2%, or $59 a month, for 2024 — from $1,848 to $1,907. Here's how much more you'll get in 2024.

“the 2024 cola could be around 3.1%,” says the senior citizens league’s social security and medicare policy analyst, mary johnson. All of it and more will likely be eaten by health care costs, leaving seniors in a hole.