The projected 2024 Social Security COLA was about 3.2% before the official announcement. That estimate would have raised an average monthly retiree benefit by roughly $57.30.

Quick Scoop

The projection was based on inflation data through August 2023, with the final official COLA normally announced in October.

What it meant

  • Estimated COLA for 2024: 3.2%.
  • Estimated increase for an average retiree benefit: about $57.30 per month.
  • The estimate was described as lower than the 2023 COLA, which had been 8.7%.

If you want, I can also give you the official 2024 COLA result and how it compared with the projection.