Social Security 2024 Cola Estimate Formula. In column d are the average wages according to the national wage index. A 3 percent adjustment would boost the average social security retirement benefit — $1,839 a month in july 2023 — by about $55 a month in 2024.

This followed a 5.9% increase in 2022, which was the highest in four decades at the time it. The pia is the sum of three separate percentages of portions of average indexed monthly earnings.