COLA

Social Security Benefits Increase in 2024

October 12, 2023 • By

Reading Time: 2 Minutes

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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About the Author

Jeffrey Buckner, Assistant Deputy Commissioner for Communications

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Comments

  1. Jacquie S.

    I already recieved info that my drug plan will double next year, I know my Supplement plan will increase, it does every year and I have a feeling Medicare will increase. I don’t understand how they calculate inflation but they surely are not grocery shopping or any other necessity shopping. On top of all that car insurance, property insurance and property taxes increase constantly. As a widow and home owner I am at a loss constantly.

    • Miguel

      It all sounds truthful, worrisome and immediate. Social Security is a blessing but it has trouble keeping up to reality. The real worry is the number of morons in the US Senate and Congress trying to pass off as owners of a back bone.

    • wayne

      agree. the inflation rate on what the people over 65 pay on the goods and services we use, is way over 3.2 percent.

    • john d.

      The Consumer Price Index (how inflation is calculated) does NOT include Food or Energy. It did decades ago but now these numbers do not reflect reality.

  2. betty m.

    I live on disability from ssi i was getting 914 they reduced it to 579 because I was living with my daughter. So moved in with my son pay him 250 a month. And still am getting only 579 how in the heck am I supposed to e off of that

    • Ed C.

      In order to get your SSI increased back to $914, you must come within $5 of paying your share of household expenses. Take total household expenses and divide by the number of people that reside in the house and this would be your share. Do the math and it may be to your advantage to contribute a little more to get more.

      /s/ retired former SSA manager.

  3. Charlotte D.

    I don’t think COLA board has went to grocery stores. Medicare B is
    increasing, I just hope doesn’t take all the raise. Also Medicare does not cover dental, vision, glasses. With increase in raise, there should be increase in what’s required to qualify for QMB.

  4. bob

    This is insane-It should be at lreast 6%the vimperial Federal government is screwing US citizens while giving benefits to illegal immigrants. 3.2 % increase is beyond an insult
    should be at least 5%

    • Susie

      Why does Congress get 8+% or up to $8000 next year and we get a measley 3.2%? They have done absolutely nothing to deserve any raise!

    • vicki p.

      Inflation hit 3.7 % in September. We get a 3.2% increase. Should we be grateful to get a .5% Decrease?
      Gee Whiz, Gomer, Thanks.

  5. Mary

    $32.00 will be eaten up by the Medicare increase 🙄

    • Ann

      Do we know how much medicare is increasing yet?

      • A.C.

        Hi, Ann. Thanks for visiting our blog. At this time, we do not know if there will be a Medicare Part B increase for 2024, and if so, the amount of the premium. Information about Medicare changes for 2024, when announced, will be available at http://www.medicare.gov.  For Social Security beneficiaries receiving Medicare, their new 2024 benefit amount will be available in December through the mailed cost-of-living adjustment (COLA) notice and my Social Security’s Message Center. We hope this helps. 

        • David S.

          A bunch of Crooks in DC . Maybe they need to try and live off 3.2 % increase . Its a Shame what you guys are doing to the older folks in this country. Being taxed out of their homes My property Taxes are doubling this year . Food Gas electric are up way more than 3.2%. What a Shame . Im 67 years old may have to sell our home .Thank for nothing

          • vicki p.

            I am 69, My State has a Property Tax Exemption for Seniors. Saves me $100’s.

          • Carol S.

            I agree! Last week there were several articles which said the COLA for 2024 was 8.7%!!! What happened???

            3.2% leaves me further underground…as my Supplemental, drug plan d, food, gas, utilities have increased well over twice that amount!!!

            If SS believes Seniors can maintain life with this measly 3.2% you must have assigned us to the wrong group for evaluation! We do not fit with Urbain clerical group!!!!

  6. Chris

    When will the SSA website be updated to reflect the 2024 COLA?

    • David

      It’s here ssa.gov/cola

  7. Carol C.

    Living on SSI with the amount of inflation in the past year, with only a 3.2% increase for 2024 doesn’t touch inflation, & leaves me amongst the poorest of the poor in the country, even below the illegal immigrants

    • Jasmatie S.

      Don’t feel you are alone, many hard working people in this country work and cannot survive on the social security benefits they are receiving. The illegals are far more taking care of than the citizens of this country. I have a disabled husband who work very hard and cannot receive basic benefits.

      How can anyone survive on the Social Security benefits with inflation this high?

      • Brian

        The Democrats care more about people coming across the border than about you,wake up,vote them out

  8. Terry S.

    My wife & I am age 67 receiving full SS benefits. I need to know where to find info on managing account now that I expect much more outside income due to my work. ie should I temporarily stop MY or my wife & my SS benefits or continue? How much income will affect my decision?

    • A.C.

      Hi, Terry. Thanks for visiting our blog. Beginning with the month you reach full retirement age, your earnings no longer reduce your benefits, no matter how much you earn. For more information, please visit our Receiving Benefits While Working page. We hope this helps. 

  9. VINCENT N.

    Part B premium for 2024?

    • A.C.

      Hi, Vincent. Thanks for visiting our blog. At this time, we do not know if there will be a Medicare Part B increase for 2024, and if so, the amount of the premium. Information about Medicare changes for 2024, when announced, will be available at http://www.medicare.gov.  For Social Security beneficiaries receiving Medicare, their new 2024 benefit amount will be available in December through the mailed cost-of-living adjustment (COLA) notice and my Social Security’s Message Center. We hope this information is helpful. 

      • Tony D.

        Even if rates are unchanged, the extra money means many QMB Medicare beneficiaries will lose their full benefits.

        For me, the change from QMB to SLMB means the pocket change you gave me to cover inflation last year will cost me $250 per month in OTC, Healthy Food & Utilities payments and a $3,800 annual Dental, Hearing and Vision Benefit. The COLA is supposed to help us, not crush us.

    • David

      Vincent go here, https://www.cms.gov/newsroom/fact-sheets/2024-medicare-parts-b-premiums-and-deductibles?fbclid=IwAR2BPPIeuTRSoIZqlxETUsYWBcTLzfabZjKzvKpUhflMxWq5zlD9p3-zw0o it goes up by $9.80/mo

  10. S O.

    It will all go toward Medicare and Snap benefits. Medicare will increase and Snap will decrease.

    • Robin

      Yeah….get a raise in SS , and snap benefits gets reduced. And, of course it isn’t enough to get through a month already. Not sure how that is any benefit. Gotta deal with it as it comes.😊

Comments are closed.