SSA Announces 3.2% Benefit Increase for 2024
Published October 12, 2023
The U.S. Social Security Administration (SSA) announced that monthly Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2% in 2024, and the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600.
The 3.2% cost-of-living adjustment
(COLA) will begin with benefits payable to more than 66 million Social
Security beneficiaries in January 2024. Increased payments to more than
7.5 million SSI beneficiaries will begin on December 29, 2023.