Cola Increase 2024 Inflation Report. The latest forecast for next year’s social security increase rose to 3.2% last month. The cola was 8.7% for 2023 so their annual benefit would increase to $10,870 if someone received $10,000 in social security benefits in 2022.

The cola was 8.7% for 2023 so their annual benefit would increase to $10,870 if someone received $10,000 in social security benefits in 2022. Social security benefits will increase by 3.2 percent beginning with the december 2023.