Social Security and Supplemental Security Income (SSI) benefits for more than 71
million Americans will increase 3.2 % in 2024, the Social Security Administration
says.
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,” says 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.
People will need to have a my Social Security account by November 14 to see their
COLA notice online. To get started, visit ssa.gov/myaccount.
Information about Medicare changes for 2024 will be available at 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.
