The adjustment for 71 million recipients of Social Security retirement and disability benefits is much smaller than in the last two years.
Share on email cost of living adjustment that affects more than 71 million recipients of Social Security retirement and disability benefits is much smaller than in the last two years.The COLA is based on the change in Q3 CPI for urban wage and clerical workers compared with a year earlier, Axios' Neil Irwin explains.For more than 66 million Social Security beneficiaries, the increase starts with payments in January 2024.
The maximum earnings subject to the Social Security tax, also known as the taxable maximum, will increase to $168,600 from $160,200. the average benefits are estimated to increase to $1,907 in January up from the 2023 monthly benefit of $1,848.Widowed mother and two children: $3,653 up from $3,540.Disabled worker, spouse and one or more children: $2,720 up from $2,636.Share on linkedin
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COLA Social Security Benefits Expected to Rise 3.2% in 2024The government on Thursday announces how much checks rise next year for the roughly 67 million Social Security recipients.
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COLA Social Security Benefits Expected to Rise 3.2% in 2024The government on Thursday announces how much checks rise next year for the roughly 67 million Social Security recipients.
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Social Security’s COLA will rise 3.2% in 2024 vs. 8.7% in 2023Jessica Hall is a retirement reporter for MarketWatch.
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Social Security benefits will increase by 3.2% in 2024 as inflation moderatesMillions of Social Security recipients will get a 3.2% increase in their benefits in 2024. That's far less than this year’s historic boost and reflects moderating consumer prices. The Social Security Administration says recipients will get more money every month, beginning in January.
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