Editor’s note: The following announcement was made by the Social Security Administration on October 13. The average monthly payment will increase by $59. Last year’s increase was 8.7%, reflecting a higher rate of inflation than has been experienced during the past year.
Cost-of-Living Adjustment (COLA) Information for 2024
Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024.
The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI recipients will begin on December 29, 2023. (Note: some people receive both Social Security and SSI benefits)
Read more about the Social Security Cost-of-Living adjustment for 2024.
The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600.
The earnings limit for workers who are younger than “full” retirement age (see Full Retirement Age Chart) will increase to $22,320. (We deduct $1 from benefits for each $2 earned over $22,320.)
The earnings limit for people reaching their “full” retirement age in 2024 will increase to $59,520. (We deduct $1 from benefits for each $3 earned over $59,520 until the month the worker turns “full” retirement age.)
There is no limit on earnings for workers who are “full” retirement age or older for the entire year.
Read more about the COLA, tax, benefit and earning amounts for 2024.
Medicare Information
Information about Medicare changes for 2024 will be available at www.medicare.gov. For Social Security beneficiaries receiving Medicare, their new 2024 benefit amount will be available in December through the mailed COLA notice and my Social Security’s Message Center.
Your COLA Notice
In December 2023, Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account.
This is a secure, convenient way to receive COLA notices online and save the message for later. You can also opt out of receiving notices by mail that are available online. Be sure to choose your preferred way to receive courtesy notifications so you won’t miss your secure, convenient online COLA notice.
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