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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Brenda L.
I did not get 3% increase.
Mine wnet from $1475 to $1493.
Why?
Sue
Hi, Brenda. Thanks for reading our blog and for your question. The increase in your 2024 benefit due to the 3.2% cost-of-living adjustment (COLA) may be partially or completely offset by the increase in your Medicare premiums. You’ll find more information here about 2024 Medicare costs. If you still have questions about your benefit amount, please call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m. We hope this helps.
Leopoldo H.
Is any help for people who moved out of The USA but retired ,my problem is been stiling my deposit from SSA and wondering how apply for another way of payment like a check send to my Country ,and how doit my deposit is small but i can sobrevive here thanks for your attn.
Sue
We’re sorry to hear about your situation, Leopold. Please review Your Payments While You are Outside the United States to learn what to do if your check is lost or stolen. For a list of our contacts when you’re living outside the United States, visit our Office of Earnings & International Operations webpage. For information about direct deposit outside the U.S., review our Frequently Asked Questions. Unfortunately, you cannot change your bank account information using your personal my Social Security account when you’re living abroad. We hope this helps. Thanks!
Marilyn
I will receive my first Social Security payment in January. My account does not show the cost of living adjustment. Will I receive it?
Sue
Hi, Marilyn. Thanks for reading our blog and for your question. For your security, we do not have access to private information in this venue. For assistance, please call your local Social Security office or contact us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m. Wait times to speak to a representative are typically shorter Wednesdays through Fridays or later in the day. We hope this helps.
Allan s.
My 95-year-old father who started collecting social security at the regular retirement time noticed that his cola notification despite the increase is resulting in a significantly smaller check
He’s very worried because he’s relying on living off of this.
The same thing happened to his wife who’s 81 but also retired after the regular retirement age
Is there some extra new policy that we don’t know of that’s what occurring did they officially reduce the benefits for a certain group of people what is going on and who do I follow up with?
Sue
Hi, Allan. Thanks for reading our blog and for your question. For security reasons, we do not have access to private information in this venue. Please encourage your father and his wife to contact their local Social Security office or call us 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 your father needs help managing his benefits, you may want to consider applying to become his representative payee. Check out our Representative Payee page to find out how. We hope this helps.
Dion T.
Hello you there Dion Tillman here, I have proof of my benefits, but don’t know what they are doing, I live in a facility called The Grand Marquee in fort Wayne Indiana because the building Portage Manor had to close because of repair issues, but I’m very much looking forward to back pay coming,
Sue
Thanks for reading our blog, Dion. For your security, we do not have access to private information in this venue. We encourage you to work with your local Social Security office. You can also contact us at 1-800-772-1213, Monday through Friday, between 8 a.m. and 7 p.m. Wait times to speak to a representative are typically shorter Wednesdays through Fridays or later in the day. We hope this helps.
Debbie A.
Debbie A.
When my notice says I’m getting a 3.2% increase but the amount I’m getting is exactly the same-$0.00 increase? I’ve been lied to by my government-possibly impeachable offense. I heard Biden’s live speech when he declared every Senior citizen would get a Cola raise, but I’m getting zero. Thinking I may need a lawyer. Oh but can’t afford one.
Sue
Hi, Debbie. Thanks for reading our blog and for your question. You may see your 2024 Social Security COLA partially or completely offset by increases in the Medicare premium. However, the Social Security Act contains a “hold harmless” provision that protects you. The amount of your 2024 benefit should stay the same even though the Medicare Part B premium has increased. You can learn more about “hold harmless” by reading our blog. You’ll find more information about Medicare costs at medicare.gov. If you still have questions about your 2024 benefit amount, please call us at 1-800-772-1213, Monday through Friday, between 8 a.m. and 7 p.m. We hope this helps.
Ruth L.
Your January check is for Dec, u should see increase on next pyt date
Seth
Looks like shoplifting for food is gonna be big this year. :/. I’ll do my part. I see anyone Liberating food or medicines or survival gear, I’ll make sure to provide unnoticed help. I will make myself big at the end of an aisle. And I will ask the nearest employee about tampons on the other side of the store. Yup. 3.2 is a JOKE! My storage unit Alone went up the $35 y’all are gonna give me. Not to mention Food Phone Transportation Hot Meals. Homeless bcuz 1100 is not enough to have a home and exist. Gotta jump thru hoops with countless others for a lottery chance at getting housed. Yup…. Another year of being Robin Hood and providing unknown cover for people to survive.
I know I am a MEAN MOFO when I’m hungry. I guess we like having folks be homeless and hangry, makes drugs look freaking good. At least when some one is on the street inspecting their knees in a Fenty Stance, they ain’t hungry. Barely conscious to acknowledge bottom of the pit they are in.
I’ve watched the homeless population EXPLODE on the west coast over the last 7 years. I guess we can expect more.
Cant even give an increase to cover the inflation. And…and….it USED to that we got a month or two of “extra money” before the raising of prices. But not this year. Price increases began in October.
Making America a Shithole. Oh and Google is laying off thousands thanks to AI increasing their bottom line. Yay! I’ll be seeing some of them on the streets.
G. D.
Well put.
It’s not surprising no one from the SSA commented on the situation.
Too many “Acting Commissioner” and or “Acting Deputy Commissioner for Communications”
This ain’t Broadway or Hollywood. But there’s lots of actors in the government. They’re put there as a
propagagandized mouthpiece to placate the public so that they can continue protecting their bureaucratic division of government and therefore that sometimes enables them to bureaucratically not address the whatever issues, the whoevers who are responsible, and simply put: the because(s) of the multi-sourced finger pointing blame game which collectively STONE WALLS us on so many levels.
K, I’m done.
Veneshia
Hello I veneshia kearrica lyn green receive SSA
James M.
Why were we notified in November that we were getting an approximate 8% increase in our SSI retirement checks and just received a notice , with inflation soaring, that we are getting 3.2% increase? Why are we getting shafting. I paid maximum SS for 40 years and this is what we get?
Sue
Hi, James. Thanks for reading our blog and for your question. A 3.2% Cost-of-Living Adjustment (COLA) for 2024 for all beneficiaries was announced in October 2023. You should see the increase in your first monthly benefit payment in January. For details about the 2024 COLA, check out our Cost-of-Living Adjustment (COLA) Information
webpage. We hope this helps.
Bodhisattva S.
Evidently you were looking at a previous year’s increase. The 2023 COLA was 8.7%.
Here’s the COLAs for previous years:
https://www.ssa.gov/oact/cola/colaseries.html
Cory P.
I have a question, how much income can I make after the COLA increase, I make 1228.80 . Do I need to make less
Sue
Hi, Cory. Thanks for reading our blog and for your question. To learn more about working and getting Social Security retirement or survivors benefits, visit our Receiving Benefits While Working webpage or check out our Frequently Asked Questions. You’ll also find information about working while getting disability benefits at our Frequently Asked Questions. We hope this helps.
Ruth
What bothers me is that I paid into Social Security for my entire working life until I retired (47 years). Yet Social Security only uses the last 10 years. Also, I am curious as to why 2 family members, 1 on Disability and the other on VA Disability both got a 3.25% increase. Why do those on Social Security Retirement get less. Oh, and one more thing my increase is closer to 3.15 %.
Sandra P.
My figures for 2024 increase don’t add up to 3.2 increase n are less
Danielle
Mine either, a whole 27$ increase
Valerie P.
I would like to know how a cola increase is a benefit when I will be reviewing over $300 less each month?? Skip the cola!!! It is not beneficial at all at this rate!!
Martha L.
Why is my Social security benefit payment $394 less for January 2024 then it was for 2023?
Josephine F.
Why did I get a decrease in my SS this month? I was expecting an increase.
Sue
Hi, Josephine. 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 decrease in your benefits, please call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m. Or you can contact 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.
Sue
Hi, Valerie. Thanks for reading our blog and for your question. For your security, we do not have access to private information in this venue. We encourage you to contact your local Social Security office or call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m. Wait times to speak to a representative are typically shorter Wednesdays through Fridays or later in the day. We hope this helps.
Sue
Hi, Ruth. Thanks for reading our blog and for your questions. We base your retirement benefit on your highest 35 years of earnings and the age you started receiving benefits. If you started your benefits before your full retirement age, they are reduced. For more information about how we calculate benefits, please visit our Retirement Planner and review our fact sheet, How You Become Eligible for Benefits. Regarding the 2024 COLA, the 3.2% increase applies to retirement, survivors, and disability beneficiaries and to SSI recipients. To learn more, visit COLA Information for 2024. We hope this helps.