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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Jack
Personally, I think it’s absolutely ridiculous for people with disability that can’t work is on a fixed income. It takes just about every penny I have each month just to keep a roof over my head and here they’re doing us a favor by giving us a 3.2% increase I’m sorry but it’s just impossible to live and even try to save a dime on this administration is absolutely ridiculous. By the way, we can house hundreds of thousands of immigrants send billions to Ukraine but allow our tax paying citizens to suffer the way they do replied to that.
Robert
You just don’t get it ,the money for the military does not come out of your pocket. If you would have work longer in your life you would have made social security. Its not the governments fault. I worked 35 years and I get 1550 amonth and I am not conplaining. You pay your bills and live on what’s left. So stop crying over it.
Robbalee S.
I worked 32 years in the healthcare industry for 1,200 a month in our state Oregon is the most expensive state to live and rent is outrageous, for a studio in a bad area will run you 900 a moth with a shared bathroom ~
Mel L.
Stop listening to Faux noise–there is worldwide inflation that was blown up by Covid supply chain shortages (and unharnessed international greed–Chinese shipping lines price gouging for example) then worsened with runaway corporate greed and stock buy backs here in the US.
Complain to Mondelez, Nestle, Kraft, Conagra, and the other few that control our food supply about food costs. Complain to Wall Street and all of the equity trust funds that gobble up medical and dental practices (which is why we get ushered in and out in 15 minutes) and own 40% of all the ER’s in the country. And let’s not forget the greed of insurance companies.
The government’s hands are tied in this capitalist society, so vote with your dollars and let these greedy corporations know you won’t spend your money with them until they bring prices back in line with affordability.
Just a suggestion Jack
T M.
Mel, Good comments and so true. We need more to speak out like this and also need representatives who listen to us.
Jack S.
You said itYes
Deborah M.
You hit it right on the mark! 💝
Geraldine M.
True I agree
RENEE F.
So true and so upsetting.
Concerned
Medicare will rise also so the extra money still won’t be to our advantage
GP
The government provides benefits through one agency and takes away most of it through another. Social Security cost of living 3.2 percent – Medicare Part B premium 6 percent plus. Doesn’t sound like a great deal to me.
Sue
Hi, GP. Thanks for reading our blog and for your comment. You may see your 2024 Social Security COLA increase partially or completely offset by the increase in the Medicare premium. However, the Social Security Act contains a “hold harmless” provision that protects you. The amount of your benefit in 2024 should stay the same even though the Medicare Part B premium is increasing. You can learn more about the “hold harmless” provision by reading our blog from November 2020. We hope this helps.
Bev M.
What was the one-time payment deposited in my account on the day before my SSA deposit?
Ann C.
Hi, Bev. Thanks for your question. For your security, we do not have access to private information in this venue. We ask that members in our Blog community work with our offices with specific questions. You can call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m., for assistance. You can also contact your local Social Security office. We hope this helps.
RENEE F.
Why is it over a 2 hour?Wait every time you call.
Sue
We’re sorry to hear about your experience, Renee. Reducing call wait times is a priority of Social Security Commissioner Martin J. O’Malley. You can learn more about the Commissioner’s top three priorities in our blog and our most recent episode of SSA Talks. In the future, you can call us at 1-800-772-1213, Monday through Friday, 8:00 a.m. to 7:00 p.m. Wait times to speak to a representative are typically shorter in the morning, later in the week, and later in the month. Our automated telephone services are available 24 hours a day and do not require you to wait to speak with a representative. The most convenient way to do business with us is to visit our website to get information and use our online services.
Lynnette S.
Medicare payments will rise and take what you get anyway
Jack
Everything will raise and take everything you get
Dawn
EXACTLY JACK…..my monthly rent increase was $38.00 but my SSD is only increasing by $32.
Bob w.
That’s all I’m getting is $32. North Carolina car insurance just went up 4.5%. I was paying $116 a month now I’m paying 156. The raise is a joke.
Robert B.
This current administration is so incompetent. Such a failure for the American people.
Tammy
I agree. It would be nice to get ar least $50 increase, mine is less. Foodstamps will go down and my rent increases every July 1. Last rent increased more than the amount of my cola increase and every year the amount of my rent increase goes up. Inflation is up and gas prices are up here.
Beth W.
Dude, it’s always been this way. SS has never been enough to live on. No matter which parties is in the Whitehouse. It’s always been the greedy corporations making their billions off our labor & paying us an unliveable wages.
Vega
will everyone receive the increase? If so, when will the increase start?
Jack
Everyone’s receives 3.2% increase starts January 1, 2024
Ann C.
Hi, Vega. Thanks for visiting our blog. 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). For more information, visit here. We hope this helps.
Vicki
Well, when I worked, staff got 3% yearly raises. So, it’s all good!!
Mary
True. I’m happy with the 3.2% increase. SS is not supposed to provide your total income.
Debbie
It’s not supposed to Mary, but unfortunately for some, it is. It’s dehumanizing and absolutely pathetic.
Sondra P.
I am a widow what changes does it make for me?
Ann C.
Hi, Sondra. Thanks for visiting our blog. The cost-of-living adjustment (COLA) notices for 2024 are expected to be mailed in December, so please continue to look out for it in the mail. Also, in December 2023, Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account. We hope this helps.
Robbalee S.
I also am a 60 year old widow with 100 disability it’s not enough at 958.00 a month it’s ridiculous after 32 years of working and raising two children….
Steven s.
we only get abot one perscent time they raise part B and the deductible up so we still be behind
Steve S.
50 dollars a month is nothing they will raise the deductible up and the part be so we will only gain about one percent
tammyjo
I won’t get – $40 and I’m already hoke from last which started Jan 2023 because my rent increase in July was more than my cola % and then gas and food increase was also more than the COLA %