Social Security Benefits Increase in 2024
Reading Time: 2 MinutesLast Updated: November 1, 2023
More than 71 million Americans will see a 3.2% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2024. On average, Social Security retirement benefits will increase by more than $50 per month starting in January.
Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). The CPI-W rises when inflation increases, leading to a higher cost-of-living. This change means prices for goods and services, on average, are higher. The cost-of-living adjustment (COLA) helps to offset these costs.
We will mail COLA notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees. But if you want to know your new benefit amount sooner, you can securely obtain your Social Security COLA notice online using the Message Center in your personal account. You can access this information in early December, prior to receiving the mailed notice. Benefit amounts will not be available before December. Since you will receive the COLA notice online or in the mail, you don’t need to contact us to get your new benefit amount.
If you prefer to access your COLA notice online and not receive the mailed notice, you can log in to your personal my Social Security account to opt out by changing your preferences in the Message Center. You can update your preferences to opt out of the mailed COLA notice, and any other notices that are available online. Did you know you can receive a text or email alert when there is a new message waiting for you? That way, you always know when we have something important for you – like your COLA notice. If you don’t have an account yet, you must create one by November 14, 2023, to receive the 2024 COLA notice online.
“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.
January 2024 marks when other changes will happen based on the increase in the national average wage index. For example, the maximum amount of earnings subject to Social Security payroll tax in 2024 will be higher. The retirement earnings test exempt amount will also change in 2024.
Be among the first to know! Sign up for or log in to your personal my Social Security account today. Choose email or text under “Message Center Preferences” to receive courtesy notifications.
You can find more information about the 2024 COLA here.
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Tags: COLA, my Social Security, my Social Security account
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thomas
IF WE ARE GOING TO GET A COLA THENM WE NEED IT NOW. NOT AT THE END OF THE YEAR. HELP US RIGHT NOW PLEASE WE ARE BEGGING YOU
Laurie B.
I think this whole thing is a scam. Sounds to good to be true!!!
Steve G.
When will there be the next COLA?
Theresa A.
That was a good question, when will the next cola be given out?
Sue
Hi, Steve. Thanks for reading our blog and for your question. We will not know if there will be a Cost-of-Living Adjustment (COLA) for 2025, or the amount of the COLA, until late October. That’s when the Department of Labor releases information on inflation for the past year. Any increase will begin with benefits received in January 2025. For more information about the COLA, check out our fact sheet and website. We hope this helps.
Michelle H.
I didn’t get an increase in my s.s.I payments this month like it said on google or the news. I didn’t get anything from the IRS too and I kinda knew it was to good to be true. Inflation is hurting me bad and I am not getting enough food stamps.( this is for April 2024)
RENEE F.
It’s wrong…. The economy is killing us. And even the ones getting the increase.It’s fifty dollars really…
I don’t Understand?
How they get away with this.
You’re keeping us in poverty.
Rick
The government doesn’t care as long as they gets theirs, we pay out our nose in taxes and what do they do give it to illegal aliens and other countries that wouldn’t help us,it’s time to take care of Americans not the world
Ruth C.
Is it true starting in April lower poverty people on SSDI SSI are going to receive a 200$ monthly increase if eligible
Rick
You can’t believe the internet or the government!!! So please don’t hold your breath
Gabriel B.
information on the internet says we will get a SSA increase in March 2024. I did not receive any increase, why not?
Rick
Because it’s all a lie
Sue
Hi, Gabriel. Thanks for reading our blog and for your question. The most recent Cost-of-Living Adjustment (COLA) of 3.2% began with benefits payable to Social Security beneficiaries in January 2024. For more information, check out our blog. We will not know if there will be a COLA for 2025, or the amount of the COLA, until late October when the Department of Labor releases information on inflation for the past year. We hope this helps.