 On
average, Social Security retirement benefits will increase by more
than $50 per month starting in January.
More than 66 million Social Security beneficiaries will see the 3.2
percent cost-of-living adjustment (COLA) beginning in January 2024.
Increased payments to approximately 7.5 million people receiving SSI
will begin on December 29, 2023. (Note: some people receive both
Social Security and SSI benefits).
“Social Security and SSI benefits will increase in 2024, and this
will help millions of people keep up with expenses,” said Kilolo
Kijakazi, Acting Commissioner of Social Security.
Some other adjustments that take effect in January of each year are
based on the increase in average wages. Based on that increase, the
maximum amount of earnings subject to the Social Security tax
(taxable maximum) will increase to $168,600 from $160,200.
Social Security begins notifying people about their new benefit
amount by mail starting in early December. Individuals who have a
personal my Social Security account can view their COLA notice
online, which is secure, easy, and faster than receiving a letter in
the mail. People can set up text or email alerts when there is a new
message--such as their COLA notice--waiting for them in my Social
Security.[to top of second
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People will need to have a my Social Security account
by November 14 to see their COLA notice online. To get started,
visit www.ssa.gov/myaccount.
Information about Medicare changes for 2024 will be available at
www.medicare.gov. For
Social Security beneficiaries enrolled in Medicare, their new 2024
benefit amount will be available in December through the mailed COLA
notice and my Social Security’s Message Center.
The Social Security Act provides for how the COLA is calculated. The
Social Security Act ties the annual COLA to the increase in the
Consumer Price Index for Urban Wage Earners and Clerical Workers
(CPI-W) as determined by the Department of Labor’s Bureau of Labor
Statistics.
To read more, please visit
www.ssa.gov/cola.
2024 COLA
Fact Sheet - Pdf
[Jack Myers
Public Affairs Specialist
Social Security Administration] |
