Cola Increase Projections For 2024 And Beyond. Over the full quarter, the index was 8.7 percent higher on average than for the same period in 2021, resulting in the cola that took effect at the start of this year. This is the same as last month's prediction.

The senior citizens league raised its social security cola projection for 2024 to 3.2% from 3%. No matter what 2024’s social security cola ends up being, seniors should be aware that a hike in medicare part b premiums has the potential to whittle that raise down.