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. RICHARD A.

    3.2% Sounds like it’s a bit optimistic?

  2. Leroy E.

    The 250 death benefit is also a disgrace. Don’t even come close.

  3. Paul M.

    WOW….Ain’t that SPESHULL….now how many BILLION$ did you send to Ukraine?? What will be the RAISE for members of Congress???? Can I ask for “Asylum” and move into a $400 a Night Hotel and get the Platinum Welfare Card at the expense of the taxpayers!! To be elderly on SS or a child in America is a CRIME!! 3.2% is not going to get me out of the Food Bank. Thanks for another SCRE*ING from our Guvmint!

    • Mark M.

      I agree they are fuc–ng us and we have to supply the condoms

    • besharpone

      Hmmm…your comments are interesting. Interesting because, among your complaints, you haven’t mentioned a word about the 7 trillion dollars that Trump gave to the millionaires and billionaires in tax breaks. You can add that to the limited amount they are required to pay in payroll taxes. While at it, add to that the fact that THEY have written the tax laws whereby it is the poor and middle-class who are actually funding this country. They can claim tax deductions on items such as medial expenses, vehicle mileage, and so many others. Lastly, there are NO Asylum Seekers staying in $400 a night rooms. Stop watch Fox (Not) News! Wake up and fight those who are truly to blame…and who you keep voting for.

      • Janice M.

        I am in agreement! We work all these years pay our taxes. Then when it time for the government to pay out on social security we are being penalized for not working until 70 plus.

      • Tom C.

        You need to wake up. New York is paying over$300 a night for migrants. Brooklyn at $200 a night. This is all according to Bloomberg if you care to look up the facts. All could be avoided by using rules in place and not ” importing votes”

  4. Mel b.

    3.2 is not a correct COLA. MY house Insurance went up 11% (8% 2022). Car insurance went up 31%. Groceries up 14%! 3.2 % is totally incorrect!

  5. Robert E.

    What about people on SSDI? What is the increase for us.

    • Kristal

      Exactly! I just finished filling out job applications to work from home in order to afford my prescriptions. Heaven forbid I make too much, or they’ll take away what little I get.

    • besharpone

      The same.

    • A.C.

      Hi, Robert. Thanks for visiting our blog. The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI recipients will begin on December 29, 2023. (Note: some people receive both Social Security and SSI benefits). For more information, visit here. Also, the cost-of-living adjustment (COLA) notices for 2024 are expected to be mailed in December, so please continue to look out for it in the mail. Also, in December 2023, Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account. For specific questions, you can can call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m., for assistance. You can also contact your local Social Security office. We hope this helps. 

       

    • David

      The COLA is the same for everyone

  6. Elon M.

    Enjoy your half tank of gas increase smh such a joke of a system

  7. Wayne A.

    3.2 about $50.00 a month yes but medicare part B will be 10-20 more a month and there is the deductible 10.00 more at least so we are really looking at net 0. Thanks for trying to make us think it’s a great deal.

    • Camille V.

      absolutely right wayne. medicare prescription supplementary plus everything else. seniors are not treated well.

    • SHERYL L.

      YES, I READ WHERE THE PREMIUM WAS GOING UP $9.90 FOR MEDICARE PART B. FROM $164 to $174 . NOW YOU ARE SHORT $10 FROM YOUR RAISE.

  8. Barry E.

    Now the important piece of news for us all to look for is how much the deduction for medicare will go up negating a big part of the 3.2% increase. No one has anticipated or asked THAT question.

  9. Carol

    What happened to the announcement a week ago that the COLA for 2024 was 8.7%….the largest in the last 40 years!!!!

    Frank;y this is a huge disappointment. There MUST be an error as my Supplemental and ALL health and living expenses over past year have far exceeded 3.2%!!!

  10. Pat

    Thats good but thay. Will take for midair l am top out

Comments are closed.