social-security-announces-3-2-percent-benefit-increase-for-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 announced today.
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 will begin on December 29, 2023. (Note: some people receive both Social Security and SSI benefits).
“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.
Social Security begins notifying people about their new benefit amount by mail starting in early December. Individuals who have a personal my Social Security account can view their COLA notice online, which is secure, easy, and faster than receiving a letter in the mail. People can set up text or email alerts when there is a new message--such as their COLA notice--waiting for them in my Social Security.
People will need to have a my Social Security account by November 14 to see their COLA notice online. To get started, visit www.ssa.gov/myaccount.
Information about Medicare changes for 2024 will be available at www.medicare.gov. For Social Security beneficiaries enrolled in Medicare, their new 2024 benefit amount will be available in December through the mailed COLA notice and my Social Security's Message Center.
The Social Security Act provides for how the COLA is calculated. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as determined by the Department of Labor’s Bureau of Labor Statistics.
Get the most recent Shelby County Post headlines delivered to your email. Go to shelbycountypost.com and click on the free daily email signup link at the top of the page.
New Smart SNAP regulations to begin January 1
Rockville Town Board speaks out about 2025
Ray Allison named next executive director of the Indiana State Fair Commission
INvestABLE Indiana announces expanded eligibility criteria beginning January 1
Rockville Parks Board continues working on quality of life improvements
Indiana advances coal ash permitting program
Indiana's state parks offer New Years Day events
DNR receives regional award for project on former mine land near Pleasantville
ISP shopping safety tips
Riverton Parke's Emily Adams awarded the Lilly Endowment Community Scholarship for Parke County
BMV announces Christmas and New Year's Day holiday hours
Indiana launches Smart SNAP
Indiana 211: Connecting Hoosiers to holiday support and essential resources
Department of Homeland Security launches Worst of the Worst website
Governor Braun takes action to waive hours-of-service regulations for transporting propane
