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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Michael W.
Social security benefit payments are too low for senior citizens.
RR
Will ssa get 5200 in February 2024
Forest A.
So is there really a 5200$ 4 th stimulus check from socal security already passed
Sory J.
do We Get An increase In Our Social Security in 2024
Sue
Hi, Sory. 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. To learn more about the 2024 COLA, visit our Frequently Asked Questions. We hope this helps.
Sam
I just received 167.90 social security in my bank(automatic). Why, is it a mistake? Not complaining but know this must be too good to be true. Usually just get one in the 3rd if the month. Thank you for your time.
Sue
Hi, Sam. Thanks for reading our blog and for your question. For your security, we do not have access to private information in this venue. You may receive a notice in the mail explaining the reason for the recent deposit. However, you can call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m. We hope this helps.
George L.
Biden give our tax money away to other countries. And he got the u s in 31 trillion dollars in debit.and to the billion’s of dollars he gave to internet companies took half of it all the sudden new year they want billion’s more they haven’t run out of money there’s no way the money they gave to internet companies is gone no they putting it in there pocket my internet company charge me $30 dollars plus they got $30 from the broad band internet money from government now it went down to $30 dollars said I had a different internet package no I don’t spectrum owes me my money back I was paying $30 the government paid $30 this needs to be looked in to I’m serious. Spectrum owes me my money back. Also my power company that sc stay plus paid my power company from stimulus they stold half of it I called theme and told them a month later they put the stimulus money back on it.but they was going to still it.
D.F. S.
I agree. As he to up hold his oath be serving our county people first
Gary J.
Treason Trump and cult members have earned the Gallows. God bless the real USA. Not Maga maggots
LISA
That would be the Deep DODO SWAMP HE IS CLEANING UP! YOU ARE THE MUSTY MAGGOTS!
Terry
Wow, you are so blind. You’re obnoxious remark doesn’t even belong here, should be deleted. Typical leftist.
RR
Some of that money going to them
Randy P.
I am litterly sick to my stomach with these clowns deciding how little our ss raise would be 3.2 and add back on 10 dollars for Medicare if my wife and I are lucky we have about 50 dollars left before the next check comes in , while these sick rich selfish cats live like kings,, wow greed has litterly taken over this country, so many left to the wolves praying for karma!!!!!
Sue
Thanks for visiting our blog and for your comments, Randy. Federal benefits increase when the cost of living rises, as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). By law, the CPI-W is the official measure we use to calculate COLAs. The CPI-W is determined by the Bureau of Labor Statistics in the federal Department of Labor. The 2024 COLA is based on the percentage increase in the CPI-W from the third quarter of 2022 to the third quarter of 2023. For more information, visit our Cost-of-Living Adjustment (COLA) Information web page.
RR
They saying 5200 coming in February 2024 to 70 million people on ssa is that true.
RR
5200
Linda
I hope so
Mark B.
I only received $1.00 increase in my Social Security payment. I was expecting an approximate $80.00 increase. Please advise.
Thanks
Sue
Hi, Mark. Thanks for reading our blog and for your comment. The increase in your 2024 Social Security 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.
Linda S.
Need to know my ss increase
Sue
Hi, Linda. Thanks for reading our blog and for your question. You should be able to access your 2024 cost-of-living adjustment (COLA) notice in the Message Center of your my Social Security account, if you created your account by Nov. 14, 2023. If you don’t have a my Social Security account and didn’t receive your COLA notice, you can call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m. Wait times to speak with a representative are typically shorter Wednesdays through Fridays or later in the day. For more information, visit our Frequently Asked Questions.
Linda
I never got the letter saying how much my increase is
Sue
Hi, Linda. Thanks for reading our blog and for your question. You should be able to access your 2024 cost-of-living adjustment (COLA) notice in the Message Center of your my Social Security account, if you created your account by Nov. 14, 2023. If you don’t have a my Social Security account and didn’t receive your COLA notice, you can call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m. Wait times to speak with a representative are typically shorter Wednesdays through Fridays or later in the day. For more information, visit our Frequently Asked Questions.