Regulatory Updates
Regulatory Updates provide quick access to employee benefit regulations, rulings and other guidance released by governmental agencies in the U.S. and Canada.
New updates to this page may be included in Today’s Headlines which is emailed to International Foundation members each business day. Inquiries regarding these updates should be directed to the Benefits Knowledge Center at the International Foundation at (888) 334-3327, option 5 or [email protected].
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SSA Announces 3.2% Benefit Increase for 2024
Oct 12, 2023, 05:00
by
Tyler Lloyd
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.
A fact sheet showing the effect of the various automatic adjustments is provided.
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.