Cola 2024 Update. The increase will begin with benefits received in. The social security administration announced a 3.2% cola for 2024, but fers retirees will receive less due to a formula that reduces their benefit.
Retirees will get more than $50 extra per month starting in january 2024, according to the social security administration. However, it’s nearly in line with the average annual social security benefits increase in recent years.