COLA

Social Security Benefits Increase in 2024

October 12, 2023 • By

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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.

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  1. Marian C.

    My husband retired at 63 years due to ill health, he was 65 when he died. I retired when I was 62, the bank I worked for closed, and I ended up applying for SS then, having worked from just before he died, about 16 years.
    I was recently told that I should have applied for his full benefits since he only collected them for 2 years.
    The question I have, I do not believe that this is correct, but I am curious. I am 83 years old and I am not about to “rock the boat”, but I am curious., and I want to tell her she is wrong!
    I am getting help, I do not have to pay for my Medicare.
    I appreciate your help on this issue, Thank You

  2. Victor

    I’m done with pay raises. Don’t do them. It just gives cause for price increases. It does the opposite.

  3. Deborah G.

    I am drawing SS and I can’t pay my bill I am 3 months behind on my bills because I don’t have enough so called BENEFITS to pay them and buy food too. I have to let them go to have a roof over my head and food on my table and meds that I have to take for the rest of my life. I am 63 yrs old and started work at 14 yrs old until I had a work accident and lost 4 limbs on my left hand. That was 30 yrs ago and not even drawing any monies from that so that goes to show what kind of government we have and still have today. I had to file bankruptcy in 2018. Just pd it off this yr. And now am not able to even get ahead just further behind. Is there any chance of getting ahead or getting any help from the mess our government has created. No!!!! I only draw 23.$ in food stamps and only buys a loaf of bread and milk so I guess they are going to let us all starve to death so they can help the border crossers out. It is LUDICROUS.

  4. Mamie T.

    I agree with most of everything written. No one has said anything about raising our Part D costs or our supplemental insurance. It always takes up our raise so we really don’t get any extra monies. My Part D increased 40.00 and supplemental 4.00. Where is the raise?

  5. B l.

    This is bull crap you got people sitting on their ass not getting a job and they’re getting benefits for free. More than we are with extra $6,000 checks. More than I make on disability they get $1,400 a month just to sit on their butt. I had to work all my life and what I get is less than that! Plus they get better insurance than I get any day. For nothing just to sit around and collect. I worked all my life and I get less than somebody who’s sitting around playing acting like they can’t find a job. And they’re getting more than me. Besides the immigrant that gets more than I do. I won’t even start on that or I would have to take a whole page on what I think of that!

    • John S.

      I can understand your frustration, but I’m 80 years old, live in a rural area, and don’t know of any company who wants to hire an 80 year old guy. I have problems with the SSA now calling the payments as ‘benefits’ which they are not. I put 40+ years into my SS account and do not expect to ever get back the same value I put into it. Yes, the federal government is fully immersed in what is loosely called ‘inflation,’ but to me it just means the feds are not living within their budget (what budget, you ask? Me too.) So, before the bitcoin payments get implemented, I hope you enjoy what money you get refunded to you. I do.

    • Roy M.

      I agree. I have several people near me drawing more than me with ebt benefits to. They sell alotta that. They brag on getting to sit at home drawing benifits and pay nothing fer medical attention nor scripts. They eat steak and seafood to. I worked my body to shambles fer my to boys to have a decent, better than mine, childhood. The oilfield along with welding & coal mines broke me dwn. I’ve had 10 surgeries in 19 months & only receive Medicare and I worked. Lotta these people round here were just born. Just born was all they had to do. Free laptop & WiFi to boot. People like them are paid to sit home to secure votes fer left side. That’s buyin votes in a legal way that should be illegal. There’s Mexican family moved in up the hill who make more eat better can’t speak English and kids only one leaves house fer school.$50.00 !!!!!!!!! $50.00!!!! It will cost $8.00 to go to credit union and grocery store

  6. Frank C.

    I’m thankful for whatever monies that come to me. And to get an upgrade is a welcome sight.
    It doesn’t do any good to moan and groan about being an older person and living day to day.

    • Roy M.

      I wouldn’t complain if millions wasn’t goin to support other countries. America and it’s people come first with all do respect sir.

      • Jamie

        Agree!

      • Sally

        AMEN !!!! I am an79 yo women who worked all my life until an accident laid me up with a broken leg and I couldn’t work. social services said I could get food stamps only if I could work on roads picking up litter, oh yea with crutches to help me on 1 foot. I also live in a very rural area of no. CA.

      • Laura

        Amen to that!

  7. Deborah K.

    18% inflation 3.2% increase = 14.8% troubles until it goes up again and we go right back to 18% plus.

    • Charles J.

      I agree!!!

  8. Carolyn S.

    What a ripe off for ssa people. If they can pay for all the people flooding our borders. They should think about the old folks living on the small amounts we get, they pay the others 3800. A month how do you guys like that.

    • Charles J.

      I agree that the USA isn’t helping Retired citizens. On top of that we have to pay for the giveaway to the migrants. Not fair,I served in military for this. It makes me sick.

      • Grandma H.

        AMEN!!! ALL of our Vets should be getting a hell of a lot better treatment than those boarder crosses!! Plus ALL the true Americans that have paid in for their SS payments.. Sickening!!! I, myself can hardly wait for Jesus to come!! I’m so ready to see Him. Our Honest & very Loving & caring Savior!! 🥰🥰

        • Brian G.

          Amen unjust full of evilness in world I can’t wait for the lord come take me out of here pray for for all those that need Jesus Christ support Isreal

          • Rick Z.

            NO SUPPORT THE MURDERED INNOCENT THOUSANDS OF PALESTINIANS IN GAZA BY THE RACIST/ZIONIST SICK GOVT OF ISRAEL! GET RID OF THAT HATEFUL TRUMP CLONE, NETANAYU TODAY! SEE REALITY IN GAZA, NOT ISRAELI MEDIA LIES! SO
            E JUST CANNOT OR DO NOT EVEN WANT TO DO THAT! 15,000 DEAD INNOCENT PALESTINIANS CIVILIANS IN GAZA NOW, 7,000 OF THEM CHILDREN, ALL MURDERED BY ISRAELI AIR STRIKES AND ARTILLERY! THAT IS REALITY!

        • Karen G.

          I pray for Jesus to come also. This country has changed. No one cares about those who helped it grow and thrive. We have no say where the government sends our money. Or how they spend it. It certainly doesn’t help us. And the younger generation are all idiots who have no idea what this country was built on.
          The Bible prophesy is coming to be. Not much longer and we will watch those in power fall. We will watch the world as we know it end. If we are lucky enough to last, we will see Jesus come back, or just meet him with all the rest at the Rapture. Then we will see what a wonderful world we will live in with Him as our King. I cannot wait.

        • Cheryl

          Yes!! My sentiment entirely! Come my Lord Jesus, Come! In every aspect of life! I am thankful for what I do have as His amazing grace is keeping me! Thank you for your post!

          • Sally

            We have an Anti Christ running for pres. right now. And if he gets re elected now we will get it worse. My opinion only! Keep praying folks.

  9. Tanner g.

    When will the 2024 letter be sent out i already got my re new paper for my apt

    • Sue

      Hi, Tanner. Thanks for reading our blog and for your question. We’re mailing the 2024 cost-of-living adjustment (COLA) notices throughout December, so please look for your notice in the mail. For more information, visit our Frequently Asked Questions. We hope this helps.

      • Babs

        I just got a letter saying they are shorting my check by almost 400 dollars, and every month by 200 dollars… not very fair.

        • Sue

          Hi, Babs. Thanks for reading our blog. For your security, we do not have access to your private information in this venue. For assistance with your situation, please call your local Social Security office. Wait times to speak to a representative are typically shorter Wednesdays through Fridays or later in the day. We hope this helps.

  10. Connie

    It’s sad . I have a hard time living of ssdi .I also get food stamps, and I know when we get an increase of 3.8%, they will cut my food stamps 😒 I just can’t win!!

    • Libbie D.

      Exactly

Comments are closed.