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. Will N.

    Not a very good increase. Prices are still high and as a senior on fixed income it get tough trying to make ends meet. I would sill like to watch TV and talk on a phone and also use the internet. All od which is become an increased burden. I guess the sending of millions of USA dollars to Ukraine and not Israel to pay for there wars is top priority and we seniors get pennies. Very disappointed in our Government actually ashamed of them…

  2. sahil

    The news of Social Security benefits increasing in 2024 is a welcome development for retirees and beneficiaries. This annual adjustment is designed to keep pace with the rising cost of living, offering financial relief to millions of Americans. It reflects a commitment to safeguarding the economic well-being of seniors, disabled individuals, and survivors. While the exact percentage of the increase will be eagerly awaited, this adjustment underscores the importance of Social Security as a crucial safety net for many. It’s a reminder of the ongoing efforts to ensure financial security for those who rely on these benefits, particularly in a changing economic landscape.pngpalace

  3. Terry F.

    What a bunch of Bullshit. 3.2 % is just a slap in the face. Your statements of an increase of $50 for most people is incorrect. I will be getting $27, now what the Hell is $27.

    • CH

      I agree fast food workers got a 10% over the last year. Fast-food wages climbed 10% in latest quarter, the largest jump in years, report says

      Wages for hourly limited-service restaurant workers climbed 10% in the second quarter compared with a year ago, according to a new report from industry tracker Black Box Intelligence and Snagajob.
      Restaurants have turned to raising wages in response to difficulties finding enough willing workers to staff their businesses.

    • Nadine M.

      You are exactly right Terry why don’t we get any food cards like they give to kids and exactly I estimated mine at maybe 20 something dollar increase

  4. Jimmy H.

    Jimmy 66
    Anyone want to draw a plan to share each other’s COLA? Must be in Queens New York area? Reply through this email 📧 jhgaptrain@aol.com
    Will Reply by email 📧

  5. Eliza

    I started retirement this year at 694/month. My SSI went from 914 to 240. Aid to blind and disabled went from 53 to 33. So I got diddly squat. And I just heard from section 8 housing that my portion of my rent is going up $118 because SSA over reported my income. It’ll probably get fixed in the long term but in the meantime, I’m screwed.
    It has me so off balanced that I just want to run away and live in the wild or collect cash using a cardboard sign. I hear they make better $ than working. What incentive is there to jump through all these hoops and I don’t even get to keep the $20 from AABD? And I had to pay $59 for my marriage certificate.
    How is it that low income Americans are getting the shaft in this country?

    • Eliza

      BTW, food and energy are Excluded from cost index… Obviously, our country doesn’t realize that gas and groceries are the giant indicators of COLA for the poor, after rent.

      • Scott V.

        No our government knows exactly what there doing , being 57 years old , for the first time in my life I am embarrassed to be an American, other countries DO NOT LOOK AT THE USA AS THE GREATEST COUNTRY IN THE WORLD, and by far we are not other countries see us as a racist nation , , most of which the government seems to be putting a wedge between race , religion and any groups , other countries also see us as a country with rampant political corruption, so to say our country doesn’t know food , and energy is part of inflation , is not true , they know and do not care , they laugh at us , instead of waging war on poverty , naw let’s get the people that are poor , wright bs tickets , impound cars bc we couldn’t afford insurance that was the highest in the nation by far , so hey can’t afford it so let’s impound the car take friver to jail and since he can’t pay 500 bail let him sit long enough to loose his job then give him fines so high he looses his car but still can’t pay fines bc of job loss , so now he has a warrant , and gets picked up for that and the cycle continues , loss of job extremely high fines , loss of another car , this is our new criminals in the US , a criminal because he is poor , im embarrassed to say im american , you say vote , votr for who or what , its all the same , why not have a vote to compketly tear down the government , and rebuild it with half of the people , we are supposed to zake over a tyranical government and rebuild it , its part of the constitution , can you imagine what our crooked media would do to any group trying to hold up tge constitution with a simple vote on new or same government , it woukd be prison for all , our country is collapsing , all great empires do , i guess we had our time but it appears greed and coruption have destroyed what our founding fathers built for us only 300 years ago , china has tgousands of years of history but they dont know how to run there country , wtf , we are in high speed free fall and nothing can or will stop it as long as tge rich get richer , there is no stopping an enevitable colapse ,

        I hope i wrong and this message can be fixed but with trump or Bidin as our choice for gee next election , people say vote them out , well we did but now the lesser of 2 evils is the only choice

    • Mini

      Demorats… keep you’al in ghetto chains.

    • Emily H.

      I agree Eliza and Terry..my rent will be going up because we already got notices effective January 1.. oh and because I am single with no other income but my SS I am still considered below the poverty level..so our great state of Texas gives me a whooping big food stamp benefit of 24 dollars a month..24 y’all!! WTH can that buy now a days?? Maybe.. 🤔 enough for one meal..but hey, I’m thankful for that..but it seems our government throws us a few bones then somehow, someway they take it back..it’s totally bull💩 ..now can’t even afford drinking my orange juice every morning because THAT’S going up to over a dollar for ONE freaking orange! I swear..I just want to go live in a damn tent ⛺ by a river like in the old days!

  6. Joe T.

    What in this guys pipe “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.” Have they seen the interest rates soaring? This country this sucking us dry!

  7. Pat

    We have to vote. We have to get a veto proof majority in the house and the senate for things to change.

    • kesk

      Agreed. And, if you are healthy at retirement age, you should collect your SS and still work just enough to keep yourself under the maximum earning limit. I am 62 and collecting the early retirement benefit but still working. I am collecting the SS, because I’ve worked since age 15 and deserve it. It’s my money. I am still healthy so will work until I can no longer. If I just keep working and don’t collect my deserved SS benefit, and drop dead one day, it will all be for nothing. I’m taking my money while I’m still able to use it.

  8. CheryllH

    3.2% /$50 will not help when Premiums for Medicare are going up almost exactly the same amount.

    • Scott D.

      I was just thinking 🤔 the same thing.

  9. Jane

    The cost of living increases are just enough that I can’t qualify for any government benefits such as food
    stamps or Medicaid. And while I don’t
    particularly care to accept welfare
    of any kind, I would like to eat better
    than I have been. But that’s life I guess.

    • Karen

      Same here. I applied for Snap or whatever they call the food program these days, but was turned down.

  10. SKMiller

    What a rip off!!! 3.2% won’t even buy groceries for few days for a us! Why do we seniors have to take it in the shorts again! So,so unfair! you try living on 1892$ a month! The people who come up with these ridiculous cheap percentages must really rich!

    • RoxieA

      try living $1330 a month

      • Jim

        If I retire in June 24 I’m only gonna get 1,000 a month. I don’t have anyone with me as I’m widowed twice. Try living on this amt.

        • kesk

          If you are healthy and able to, you should retire and collect your SS but still work just enough to keep yourself under the maximum earning limit. I am 62 and collecting the early retirement benefit but still working. I am collecting the SS, because I’ve worked since age 15 and deserve it. It’s my money. I am still healthy so will work until I can no longer. If I just keep working and don’t collect my deserved SS benefit, and drop dead one day, it will all be for nothing. I’m taking my money while I’m still able to use it.

      • Emily H.

        Hey Roxie, I get a little less than that..as to why I was saying I did apply for Snap, and whoever is in charge of who gets what, and our only source of income being SS in Texas has said I’m only qualified for 24 dollars a month.. they should be ashamed of themselves..here I worked since i was 16 and paid in no telling how much and this is how much I am worth??.. unbelievable 🤷

    • Karen

      My Social Security is less than 900. My credit has been trashed because I have had to use my credit cards to pay bills and buy groceries. My husband gets just over 1600, so combined that may sound not too bad, but we can no longer do anything. We can’t afford our home, so we have to sell it. We were doing okay before Covid and the inflation. Now I just pray to die. I had cancer along with other serious health problems but can’t afford to go to the doctor anymore. I stopped seeing my oncologist and orthopedic surgeon and neurologist. Just can’t afford to live, so may as well die. Seniors have been on a back burner for years. Our government hopes we die, so they don’t have to give us anymore money. They could easily send every senior a big bonus, but they send billions to other countries. To hell with us. Do I sound bitter? Well I am!!!!

      • Kelvin j.

        And the people getting much larger benefits also get the same %age increase. Those near the bottom keep falling further and further behind year after year.

      • Duke

        No money left! Leave the country, come back as an illegal and the Dems will give you all you want. 8 million illegals for Biden to coddle for their votes. Yup, keep voting democrat!

        • Terry F.

          Problem is, we have to many stupid people who do not see how the Democrats are killing this country. Illegals are being treated better than our own born Americans!! Sad!

          • Brian

            Keep voting democratic,this will happen

      • Emily H.

        I am so sorry Karen, my comments here I am bitching about my situation, but our Lord has always said there is always someone’s life far worse than your’s..so be thankful..and He knows I am..even being single ..I too have had breast cancer but thanks be to God 🙏 it’s in remission now ..far as my medical bills? Pfft..I just don’t answer my phone anymore to them and don’t even open the bills they send me..it’s in the thousands .. God knows if I did have the funds i would pay them but I don’t..and POS medicare doesn’t pay 💩..it is what it is my friend..but even though I don’t know you..I pray that you please hang on…keep your faith sister.. prayers are indeed answered.. peace be with you always..🙏

    • Lisa

      Try living on half of that. I’m literally broke the same day I get my check

    • Lisa M.

      Try living on $914 a month and they think I need to learn how to budget! lol ok the problem is the money that needed to survive is far greater than the income?!! Go budget that you government geniuses

Comments are closed.