Some 71 million Social Security and Supplemental Security Income recipients will receive an increase in benefits in 2024.
The Social Security Administration announced earlier this month benefits will increase by 3.2% in 2024. The cost of living adjustment means the average Social Security retirement benefit will increase by more than $50 per month starting in January.
Recipients will be notified about the amounts of their new benefits starting in early December, or, people with a personalPeople with a birth date on 1-10th of the month receive payments on the second Wednesday of the month; 11-20th birth dates payable on the third Wednesday; birth date of 21st-31st payable on the fourth Wednesday. Supplemental Security Income is paid on the first of the month.
This year’s increase, far below last year’s COLA of 8.7%, was determined by the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, for the last quarter of the fiscal year. There are other Social Security changes in store for 2024 as well. The maximum amount of earnings subject to the Social Security tax – the taxable maximum – will increase to $168,600. The earnings limit for workers who are younger than “full” retirement age will increase to $22,320 with $1 deducted from benefits for every $2 earned over $22,320.
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