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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Cheryl H.
Are Medicare Part-B premiums calculated on our AGI each year? I withdrew a significant amount of money from my IRA in 2022 so our AGI was double what it normally is. The result is that my part-B premium is significantly higher for 2024 and my net social security benefit will be 200.00 less than 2023. My husbands benefit will be down 200.00/month as well.
Is there anything we can do?
S.D.
Hi, Cheryl. Thank you for reading our blog and for your question. If you and your husband have higher income, you’ll pay an additional premium amount for Medicare Part B (supplementary medical insurance) and Medicare Part D (prescription drug coverage). We call the additional amount the income-related monthly adjustment amount (IRMAA). We use a sliding scale to calculate the adjustment, based on your “modified adjusted gross income” (MAGI). A withdrawal from your IRA may increase your Medicare premiums. Any increase occurs two years after your IRA withdrawal, and the increase may only last one year. For more information, please visit our Premiums: Rules for Higher Income Beneficiaries web page. We hope this helps.
Norma B.
I have not collected my SS benefits. I am trying to determine how much I will receive if I start collecting in 2024. Does the estimated SS payment chart include the 2024 COLA increase?
Katherine M.
I get SSI and SSDI
, know
S.D.
Hi, Norma. Thank you for reading our blog and for your question. If you have a created a personal my Social Security account, you can check your Social Security Statement to see how much you’ll get in retirement benefits when you apply at different ages between 62 and 70. These personalized estimates are in today’s dollars and are based on your earnings to date. For each month you wait to start your benefits, your monthly benefit will be higher—for the rest of your life. When you’re ready to apply for retirement benefits, we recommend you use our convenient online retirement application. We hope this helps.
JW J.
If you read the latest S/S announcement,,, you’ll see an increase for ’24,,,at only
3.2 %……
I thought S/S was suppose to reflect Cost of Living costs !!
Government est. Over 6% inflation !!!!!°
JWJ,, I’m 78
S.D.
Hi, JWJ. Thank you for visiting our blog. 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. We hope this helps.
Karlene S.
How much is the Medicare Part B premium increase for 2024?
Orville L.
Orville Lawrence back pay 4 the medscar layments
A.C.
Hi, Karlene. Thanks for visiting our blog and for your question. The standard Medicare Part B premium in 2024 is $174.70 monthly. Some Medicare beneficiaries with higher incomes pay more for their Medicare premiums. For more information about 2023 and 2024 costs, visit the Medicare Costs webpage. We hope this helps.
Corey
Since the SSI disability payments are increasing, do the wages I’m able to make in addition my benefits increase too?
A.C.
Hi, Corey. Thanks for your question. If you are referring to Social Security disability (SSDI) benefits, special rules allow you to work temporarily without losing your monthly Social Security disability benefits. After your nine-month trial work period, we still provide a safety net that allows you to work another three years risk free. During those three years, you can work and still receive benefits for any month in which your earnings do not exceed a certain limit. For 2024 those limits are: $2,590 for blind individuals; or $1,550 a month if you are not blind. For more information about working while receiving Social Security disability benefits, check our Frequently Asked Questions. We hope this helps.
Mary A.
If I only have one eye to see heart of and the other is a plastic or glass psi. Should I be collecting disability benefits
A.C.
Thank you for your question, Mary Ann. Social Security has a strict definition of disability: you must be unable to work because you are blind or have another medical condition that is expected to last at least a year or result in death. We pay disability benefits through two programs: Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI). SSI is a needs-based program that provides monthly payments to people with disabilities with limited income and resources who are disabled, blind, or age 65 or older. The SSDI program provides benefits to insured disabled or blind adults covered by workers’ contributions to the Social Security trust funds.
Check out our Disability web page for more details. You may also want to read our publication, If You’re Blind or Have Low Vision – How We Can Help. If you believe you are disabled, you can apply online or call us at 1-800-772-1213, Monday through Friday, between 8:00 a.m. and 7:00 p.m. to schedule an appointment. We hope this is helpful.
Robert K.
When will 2024 benefits statement be mailed?
A.C.
Hi, Robert. Thanks for your question. If you are referring to the cost-of-living adjustment (COLA) notices for 2024, those notices are expected to be mailed in December, so please continue to look out for it in the mail. In December 2023, Social Security COLA notices will be also available online to most beneficiaries in the Message Center of their my Social Security account if they created their account by November 14, 2023. For more information, please visit our Frequently Asked Questions. We hope this helps.
sweetmama
We all need to pray for a better outcome no matter democrat or republican. Our lives are in alot of hands. My life is in Gods hands
Hans R.
Unfortunately most Americans won’t wake up until it is too late. The democratic party is now where Venezuela was 30 years ago, so will America if we do not open our eyes. There is very little difference between Socialism and Communism.
HRS
Maga G.
Exactly – so many people are not paying attention. If democrats win in 2024 this country will never recover.
Thomas M.
Agree completely with that !!
CJ
Some noncitizens may qualify for SSI. However, the SSI eligibility requirements are different from those for Social Security benefits. For information on SSI go visit our Supplemental Security Income (SSI) For Noncitizens or Spotlight On SSI Benefits For Aliens pages.
Many Americans are not aware of the Politicians benefits, they have continued salary, private insurance that they had when they were in office all paid for them. The Politicians
should have SSI, Medicare like all Americans receive and Nothing Else. They are entitled to their own IRAs or private retirement investment plans. But all benefits from their jobs should Be Stopped when they are no longer in their goverment employed.
RJ
well said
Roseline A.
Social security administration