Cola 2024 Latest. 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. That adds about $50 monthly to the.

To receive the full cola for 2024, a federal retiree’s annuity or a survivor annuity must have started no later than december 31, 2022. The average social security check for retirees stands at $1,907 in 2024, according to the social security administration.