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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John
Our government has too much power over the people and our social security, yet they give themselves thousands of dollars raises and we get the crumbs!!
Duke
FYI: Congress has not had a pay raise since 2009.
kesk
That just means they were already making way too much money. Now they are making money with their money and I’m sure are living just as comfortably as they did in 2009. Much more comfortably than a lot of our veterans and absolutely 100x more comfortably than all our homeless.
Cita
And, all that money they get
Each month. Really, they
don’t need NO RAISE @ ALL
Michael E.
I’m 83yrs.old,disabled,living in an assisted housing apartment,my only income is SS,and SSI.My medical care is Medi-cal,which covers the cost of medication,and medical treatment.
I feel blessed to have it.
Oh..And I have food stamps,and access to the local food bank.
“I used to stress about the color and style of my shoes,until I met a man who had no feet”.(anon).
David M.
THE MORE THEY ADD THE HIGHER RENT GOES UP FOR RENT AND OTHER THINGS.A case of the dog chastening its own fanny. Thank you
Linda
Ever knew now mess up this is ,till I got hurt and can’t work anymore. Work my whole life since 16 years old. Now am 61 .Apply for SSDI got denial .Had to hired a lawyer who gets 25 % IF I win. Reading all these story how they treat seniors so bad. Why do we have to stuffer like this. We might not be in war with all this killing, But They are killing us with no money for food, housing. When I work my whole life .WE deserver better .Wake up and help the seniors. We help you our whole Life.
Cita
And we are still helping those clowns.
They all lie
Connie
That small amount will put the lowest beneficiaries over the states’ Medicaid and nutritional/EBT limits.
Taxing Social Security Benefits should end. Taking Social Security benefits to pay a monthly Medicare premium should end. Subtracting half of public employee retirement from SS Benefits (it isn’t “Double Dipping” it is taxing teachers and firefighters who worked part of their lives under a different retirement model.) should end.
Lift the income limit!!!
Sue
Ss “payments” is our money taken from OUR salary for years. That is pay for working that irs-gov. Stole. We should get 15% INCREASE IMMEDIATELY. MY JOB WAS STOLEN BY N……Dem’s. Return my money!
Tony
Us country getting worse & worse, everything going up only the leader making money for themselves , it is selfish & greedy, we need better government work for people not for themselves to create power.
Larry P.
So if i make 13,00 dollars on social security the increasment will be 50 dollars more a month…WOW thats special
Joyce k.
What will the increase be for ss disability ssd
David
The same an everyone else 3.2%
Jim C.
If the COLA for 2024 is 3.2%, then why does Forbes magazine report, “The maximum benefit for a high-income single worker claiming Social Security at “full” retirement age will be $3,822 a month in 2024, up 5.4% from a maximum of $3,627 for those reaching full retirement age in 2023”? That is a 5.38% increase.
Gen N.
Your current monthly amount will go up 3.2% The maximum benefit is a limit based on earnings/deposits of workers who just started SSI year having just reached retirement age.
Kenneth M.
Really 50.00 dollars increase, have they seen the price at a store for food? Really! Never mind Rent
Ev
I don’t understand this calculation. If your monthly benefits its $1,500 per month, the 3% plus increase cannot be $50.00
Gen N.
It is a % so it may not be $50 for some.
Becky
Happy to be an American? I cant stand i was born and raised here and im the one who has to go to agency after agency to be told no in the end and how come i dont have a brand new car,home,all the food i could eat,but come from another country we give all that without caring about are own american bred people! Increase -uck that what is that really like i read in another comment thats a slap in the face! Why do we have to suffer like we are ,why do we all have to feel nobody cares. I care about me and all that our doing and feeling the same! Its said only one voice matters well how many voices does it take to be heard any more ? Proud Not im embarrased to even say im American look how we treat are own!!!
james h.
usa is fuck up we need trump now.
Concerned C.
Agreed
Brenda
It’s not right how the elderly are treated.Im 69 yrs old n struggle after working my whole life.And NO ONE is coming to rescue me,not family or raised children.I LOVE my Country but HATE our Government period
Carol
What the hell happened Nov 2020. These foreigners at Capital hill and some of my own are mentally I’ll. They CA Stole my job!!!! The physical, mental & emotional damage is irreparable. THEY TOOK MY JOB FROM ME!!!
Cita
Very fuck up, my thing is, why
They can help these countries
But you can’t do your own
Country fair. The USA
AIN’T S H I T
James H.
Thank the Democrats for taking care of all the illegal aliens in the USA under their open border policies!!! They can send the illegals approximately $3600/mo but can’t raise American citizen’s SS ENOUGH TO OFFSET THEIR INFLATION caused by ever increasing spending on welfare and immigrant expenses!
Christine
Becky you made some very valid points in your comment. I know that by me saying I agree with all you’ve stated doesn’t get you what you have to have. I just wanted to let you know I heard you. You do matter too. I pray you do get the help you need. 🙏God’s speed Becky, God’s speed….