Social Security Benefits Increasing In 2024

January 3, 2024

Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024, the Social Security Administration said. On average, Social Security retirement benefits will increase by more than $50 per month starting in January.

More than 66 million Social Security beneficiaries will see the 3.2 percent cost-of-living adjustment (COLA) beginning in January 2024. Increased payments to approximately 7.5 million people receiving SSI began on December 29, 2023.

“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.

Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600 from $160,200.

Comments

5 Responses to “Social Security Benefits Increasing In 2024”

  1. Pepper on January 6th, 2024 12:55 am

    @omyno

    Congress enacted the COLA provision as part of the 1972 Social Security Amendments, and automatic annual COLAs began in 1975. Before that, benefits were increased only when Congress enacted special legislation.
    Beginning in 1975, Social Security started automatic annual cost-of-living allowances. The change was enacted by legislation that ties COLAs to the annual increase in the Consumer Price Index (CPI-W).
    The CPI-W is determined by the Bureau of Labor Statistics in the Department of Labor. By law, it is the official measure used by the Social Security Administration to calculate COLAs.
    Therefore, you can actually thank RICHARD NIXON.

    Medicare premiums are determined based on income limits, or thresholds, that are determined by CMS(Centers for Medicare & Medicaid Services) and are updated and released annually.

  2. omyno on January 3rd, 2024 10:30 pm

    50$ss up
    174 medicare up
    260 dr visit deductable up
    so thats bidenomics at work
    make sure you double check your medical bills for adjusted allowance which is BS for screw you… you pay twice
    161 actual cost of dr visit
    -91 dr visit pay
    -88 medicare pay
    179 paid
    18 over paid
    +90 adjusted allowance where does this magical # come from
    -2 credited from no where
    70 billed

  3. Concerned citizen on January 3rd, 2024 4:34 pm

    Yea there goes I’m happy for the raise but you just take it back from us!! With the cost of food fuel and everything else we can’t live off this

  4. Nana on January 3rd, 2024 1:17 pm

    To SW….Medicare is increasing to $174.70 this month….so yes, there goes our raise.

  5. SW on January 3rd, 2024 6:26 am

    Won’t help. They’ll just raise Medicare.

Written by William Reynolds · Filed Under News