In 2024, Social Security and Supplemental Security Income (SSI) benefits for over 71 million Americans will see a 3.2% increase, as announced by the Social Security Administration. This boost will result in an average rise of over $50 per month for Social Security retirement benefits, starting in January. More than 66 million Social Security beneficiaries will experience the 3.2% cost-of-living adjustment (COLA), while increased SSI payments for about 7.5 million recipients will commence on December 29, 2023. The maximum earnings subject to Social Security tax, known as the taxable maximum, will also increase to $168,600 from $160,200, effective January. Recipients will be notified of these changes via mail in early December, with the option to access their COLA notice online through a my Social Security account. Medicare changes for 2024 will also be available through this platform. The COLA is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Read the press release here.
