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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Linda
I can’t make it I’ll be making with this increase $964 a month I barely can make it. My car insurance is so high I don’t qualify for very much food stamps so how do we make it? I have health issues that can’t just eat anything either.
Pam
It’s ridiculous to work 50+ years of your life to be handed out peanuts of what you’ve paid into social security to live on for the rest of your days. They just hope you’ll die so one of them can take what you have left in your account and pocket it or give to so.e of these immigrants they let in our country for votes. They gonna have to pay for it. Judgement day is coming for everyone people.
Gail M.
ok!!
Peter W.
Wonderful! The $50 raise will set me free…yipee! 🙂 My car insurance just jumped up from $180 to $240 a month – for the lowest level of insurance possible. Could the Mafia be involved…hmmm?
Bonnie
Yes when they increase the checks every year then i lose more foodstamps than what they give us for a raise
Emma J.
I received 2 letters in my SSA account for 2024 income update. Each letter has a different Monthly increase but the amount for Part B and Monthly net income are the same. Which one is correct?
S.D.
Hi, Emma Jo. Thanks for reading our blog and for your question. For your security, we do not have access to private information in this venue. If you have questions about the notices you received, please call 1-800-772-1213, Monday through Friday between 8:00 a.m. and 7:00 p.m., and ask for assistance. Wait times to speak to a representative are typically shorter Wednesdays through Fridays or later in the day. We hope this helps.
Syed W.
I am not getting enough social security to survive i am only getting 508 dollars
S.D.
Hi, Syed. We’re sorry to hear about your situation. If your monthly Social Security benefit is $508, you may also be eligible for Supplemental Security Income (SSI), a needs-based program that makes payments to people with limited income and resources who are blind, have a disability, or are age 65 or older. For more information about SSI, please visit here. If you have Medicare, you may qualify for help with your Medicare costs through a Medicare Savings Program and Extra Help with your prescription drug costs. You may also be able to receive social services from the state in which you live. These include free meals, housekeeping help, transportation, and other assistance. To get information about services in your area and find out if you qualify, you will need to contact your state or local social services or welfare office. We hope this helps.
Sid S.
$69 is what I figured my increase will be? That doesn’t cover crap! I’ll bet the legislators get a lot more than that for themselves!
Brenda W.
My sister passed away and left behind her daughter she had cousty of since the girl.was 3,months old my sister drawed social security and SSI can the girl draw any money from her
S.D.
We’re sorry for your loss, Brenda. To find out whether your sister’s daughter might be eligible for survivors benefits, please call us right away at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m. To learn more, read our Benefits For Children fact sheet and visit our Survivors Planner. We hope this helps.
SJF
3.2% cost of living increase? My HUD subsidized rent increase will be more than that. Due to medical issues, I can’t eat processed food. I can’t eat much of the food pantry food. After paying rent and electric, I have $150 for food and “essentials”. No debt thank you. Sick, old, fair complected citizens are not an important demographic
James G.
I’m to get about $100 monthly increase in 2024 but my actual take home amount will be about $8 less than what I received monthly in 2013? Looks like I would be better off if I didn’t get the 3.2% increase.
Mahmoud
I will be 62 in MArch, 2024.
Can I be eligible for 2024 COlA?
Richard P.
What in the world r u talking about 2013
S.D.
Hi, James. Thanks for reading our blog and for your comment. If you’re referring to your benefit amount in 2023, you may see your 2024 Social Security COLA increase partially or completely offset by increases in the Medicare premium. However, the Social Security Act contains a “hold harmless” provision that protects you. You can learn more about “hold harmless” by reading our blog from November 2020. The amount of your 2024 benefit should stay the same even though the Medicare Part B premium is increasing. You’ll find more information about 2023 and 2024 Medicare costs at Costs | Medicare. If you still have questions, please call us at 1-800-772-1213, Monday through Friday, between 8 a.m. and 7 p.m. We hope this helps.