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. Crystal F.

    Will Medicare monthly costs go up too? The past few years I haven’t seen any notable increase in my payment since Medicare went up and automatically deducts from my monthly payment.

    • Roger R.

      because of the little amount of ss increse in 2024. i will have to live in my 23 yr old car.
      i will be 78 yrs old in jan.

    • Gibbie

      Yes, it always goes up along with any increases we get. It sickens me that our government hands out Medicaid to this young people to pump out babies for more money. It’s a disgrace that we are forking out free food, health care, free phones, free education, free housing etc. to all these illegal immigrants yet those of us who have paid into the system and well into our 70s & 80s have to pay for health care!

      • BENNIE L.

        Vote for Trump!

    • Sue

      Hi, Crystal. Thanks for reading our blog and for your question. You’ll find information about Medicare costs for 2023 and 2024 here. You may see your 2024 Social Security COLA increase partially or completely offset by the increase in the Medicare premium. However, the amount of your benefit in 2024 should stay the same even though the Medicare Part B premium is increasing. The Social Security Act contains a “hold harmless” provision that protects you. You can learn more about the “hold harmless” provision by reading our blog from November 2020. We hope this helps.

  2. Rayx2

    They say inflation is about 8% but realistically prices have gone up any where from 30-60% at least and in some prices 80%. Government changed the method used to calculate inflation to benefit them. The 3.2% increase for Social Security is a joke, a very bad joke at that. Everyone who is not rich are hurting badly.

    • Lynn

      Yup definitely the increase on social security of 3.2 percent increase hurt both my wife and I. We each lost $ 40.00 a month starting January 2024. It’s a 6.2 percent decrease!! It’s a shame!!

  3. Karen S.

    yes, very sad, my company went bankrupt which forced me to take SS early! while I worked for over 26 yrs and gave a large % to the government, I won’t see a fair return! Also have gone thru a large part of my savings to keep up with inflation! Its unfortunate that the government does not know how to govern!

    • Debbie

      I agree. Just food and utilities is hurting me and this raise is a joke

      • Cindy H.

        Same here my rent went up $84 so much for my Cola.

      • Cindy H.

        Debbie
        You are so right. I can barely put food on my own table my stamps are so low it’s a joke mMy utilities get higher and higher.
        Starting Jan.1,2024 my rent went up $84/mo
        So much for my COLA

    • Dennis

      You are absolutely correct. These changes really doesn’t keep pace with inflation or money spent to acquire the basics.

      • Glenda F.

        My fellow SS recipients, Biden has been asking the GOP for help and support in raising SS and republicans won’t budge. Republicans only care about their pocketbooks. They don’t serve us, they keep us from getting stimulus, they cut food stamps and they refuse to work with Dems to get us what we need to survive. All I’m saying is please vote, and VOTE BLUE!

        • Cecil

          Blue is the one who caused this mess we’re all suffering in now days. When Trump was in office our gas was much cheaper, prices in Grocery items much better off. Our economy was much better under him. I’m voting for him and I’m hoping everyone does also.

          • GG

            I will never vote for a DemonRAT they have completely destroyed our economy these last 3 years with shutting down the Keystone pipeline, allowing open border, supporting 2 wars, supporting transgender in sports, etc. Our Country is in a downfall and if you don’t see that you better take those blinders off because this next election will be the most important election of all time. TRUMP 2024!!!!!

          • Barbara

            Absolutely. I’m on ssdi I payed into the system I had a double lung transplant in 2015 I’m not able to work if I could I’d be driving a big rig again .so I get a cola raise for what so they can cut my fs again wth.but yet sums one who didn’t work much ot not at all give them free money cost of living and they keep the same amount of fs cause it’s not earned income like ssdi what a bunch of SH$t Vote Red

        • Marjory U.

          Amen 🙏

  4. Marlene

    What happened to the 8.2% that had been talked about all year long on the SSI meeting notes?

    • Vivian H.

      What happen to th 8% increase, that had been talked about this year

  5. Charles H.

    Long retired and need to increase my Social Security Benefits?

    • Mary A.

      Yes, me too. I only got a ten dollar “raise”

  6. Teresa H.

    The price of food alone will not get any relief. Then everything goes up too. Phone, tv,rent, electric, gas, water and sewer as well as garbage pickup. I would like to know how much of a raise congress and the senate are getting. Maybe for one year they could for go a raise this year and pass the savings on to the people. I only live on ssi due to serious health issues I had. I had to empty all my savings,401k and sell my house. 2 yrs left for pay off. I did everything right. I had 1 years income put away in case I needed it. I am not a happy camper.

  7. Theresa M.

    When are you mailing the cost of living increses statements? I’ve f=got agencies breathing down my back like HUD in Danbury CT! That mayor is the buggest SOB in history sending someone in from TN to take videos of apartments while your libing in them! How is that legal its a violation of privacy!

    • Sue

      Hi, Theresa. 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.

  8. John

    Who can survive off of this?
    It’s NOT fair for single recipients of SSI!
    THAT’S NOT A GRAND PER MONTH 😡

  9. bruce s.

    I just spent an hour of my time that I will never get back trying to access my information, only to get to the end and was told that it could not help me. Why make it so hard for senior’s to use the computer. Bull crap!!!

  10. Frank R.

    Why do we have to pay taxes to the federal and state taxes with SS and a pension of the gov.,that money we even we pay taxes that was rented and or when filing out the taxes the next year, after 62 and disability.

    • Sue

      Hi, Frank. Thanks for reading our blog and for your question. The taxation of Social Security began in 1984 after Congress passed the 1983 Amendments in response to a short-term financing crisis. As a result, you may have to pay federal income taxes on some of your Social Security if you have other substantial income in addition to your benefits (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your federal tax return). In some, but not all states, you may also have to pay income taxes on your Social Security. For more information about taxation of benefits, visit our Income Taxes And Your Social Security Benefits webpage. We hope this helps.

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