COLA

Social Security Benefits Increase in 2024

October 12, 2023 • By

Reading Time: 2 Minutes

Last Updated: November 1, 2023

older adults standing and talkingMore 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.

Did you find this Information helpful?

Yes
No
Thanks for your feedback!

Tags: , ,

See Comments

About the Author

Comments

  1. We t.

    Is a shame the government gives away our money to other countries and we get basically nothing my opinion is way not taken care of our country first course is not the government money they just play with our money we pay taxes on everything and the government dispose the money on things that don’t benefit our country

    • Danny B.

      i agree we have people here in kansas city needs help

  2. Charles P.

    I received an email referencing 2 checks in December and no checks in January 2024…I think this is a scam but I cannot now locate the email…has anyone reported this?

    • Mike L.

      These are commercials for companies that run the Medicare world. They want to offer bogus offers, you change plans, and wham! I was told I owed my Dr. Visit, which is $215.00 primary care doctor $174.00 bucks? Hey, I’m not MEDICARE, I don’t pay the 80percent, lol, it was fixed after calling ssa. I’m 69 years old, worked 46 years, fully 100percent vested, and these scam advantage plans run ramped. 30 calls a day? Gotta sue them. My feelings only Mike L.

      • Kathy D.

        I hear you Mike. We never did receive our third stimulus check or the $200.00 increase in Social Security that Biden mentioned earlier this year. My sister says l didn’t know about that. I told her b/c you either have a short term memory or don’t watch the special reports given by the Biden. So she’ll find another program to watch or watch her Netflix. Me I’m watching b/c I want to keep atop of the things, that’s going on.

        • Mike S.

          Third stimulus check? I never got any. I know that these 2500 and 3000 dollars grocery allowances are scams to get you to change health plans.So some crooked insurance agent can get their commission.

    • Thelma M.

      There is an article that those on SSI will be receiving two checks in Dec since the 1st of Jan is a Holiday. Regular SS checks don’t go out on the 1st of a month so we are not affected in this. Ours comes later in the month. Google or check on the internet. Have seen the notice several times and it is legit. Go to gov.com also. I have not received email but this info is available online. Have read it several times. Check it out. Not to worry. 🙂

    • S.D.

      Hi, Charles,
      Thanks for visiting our blog and for your question. The situation you describe also happened in December 2022 for January 2023. You may wish to read our blog from a year ago, Getting Two SSI Payments in One Month. When the first day of the month falls on the weekend or a Federal holiday, you receive your SSI payment on the last business day before the first day of the month. That means you may get two SSI payments in the same month. We do this to avoid putting you at a financial disadvantage and to make sure that you don’t have to wait beyond the first of the month to get your payment. It does not mean that you’re receiving a duplicate payment in the previous month, so you don’t need to contact us to report the second payment. For pay dates, you may find our Schedule of Social Security Payments helpful.

  3. Charles P.

    I received an email referencing 2 checks in December and 1 checks in January 2024…I think this is a scam but I cannot now locate the email…has anyone reported this?

    • Wanda

      You will get a check if you have SSI 1 December then you’ll get January‘s check December 29 then you won’t get a check until February

  4. michell

    REALLY $50.00 INCREASE COST OF LIVING IS 10X THAT AND YALL KNOW THIS

    • BOB. S.

      Here! Here! I feel the same way!!!!! It should be $200 more!!!!

      • Lisa

        My Aunt and Uncle got a letter 11/25/2023 that stated their SSI had been reduced. He gets 1600.00 a month and his was cut by 39.00 and she only gets 572.00 and hers reduced by 50.00 has anyone else gotten a letter?

        • S.D.

          Hi, Lisa. Thanks for visiting our blog and for your question. For security reasons, we do not have access to private information in this venue. Please encourage your aunt and uncle to call us right away at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m. Our representative can help determine why their benefits were reduced. If they disagree with the action, they may appeal. If your aunt and uncle need help managing their benefits, you may be interested in applying to become their representative payee. Check out our Representative Payee page to find out how. We hope this helps.

    • R b.

      We have to spend money on FOREIGN countries and billions on illegals…..none left for citizens!

      • Glenn R.

        You right on the money….

      • Mike S.

        That is because the crooked politicians including your presidents get a kickback from the aid that they send to these foreign countries.

      • Danny B.

        you are so right

    • jeffery p.

      75 billion to Ukraine we get $50 a month that’s $12.50 a week $1.78 a day how do you feel knowing you’re not worth $2 a day I don’t know who does their math but it stinks

    • Mike C.

      50$ is a joke, and how much will medicare take out of it. With the increases in minimum wages the same should be for SSI. Besides that we paid into it! The government has robbed this account way too many times and never replaced the funds, but we can find other countries and pay student loans off for kids that just plain don’t want to work

  5. SHARON L.

    Are any stimulus checks due?

  6. SHARON L.

    What are requirements for disability payments?

  7. John

    My SSA Benefits are reduced due to WEP. Will I receive a 3.2%invrease?

    • BOB. S.

      It should be 40% increase!!!!

    • S.D.

      Hi, John. Thank you for reading our blog and for your question. The 2024 3.2% cost-of-living adjustment (COLA) will be added to your monthly benefit amount after the WEP reduction. For more information, visit our Windfall Elimination Provision (WEP) web page. We hope this helps.

  8. Sean

    You are getting exactly 46.47 because of increase in Medicare insurance

  9. Sean

    If your disabled how can u work lot of people getting disability and is able to work I worked with bad knees, heart, lungs, degenerative back disease until I was old enough to retire

  10. Michael A.

    How much can I make for 2023 and 2024

    • S.D.

      Hi, Michael. Thank you for reading our blog and for your question. If you receive retirement or survivors benefits and you are younger than full retirement age, the earnings limit in 2023 is $21,240. In 2024, the limit is $22,320. If you are younger than full retirement age and earn more than the annual earnings limit, we may reduce your benefit amount. For more information, visit our Receiving Benefits While Working web page. If you receive disability benefits, you may want to read our Working While Disabled: How We Can Help publication. We hope this helps.

Comments are closed.