2024 Cola Increase Estimated Date. How much will benefits increase next year? The cola for december 2023 is 3.2 percent and is first payable in january 2024.

A 3.2% cola for 2024 would increase an average monthly retiree benefit of $1,790 by $57.30, the tscl said. If you don’t have an account yet, you must create one by november 14, 2023, to receive the 2024 cola notice online.