Social Security Announces 3.2% COLA for 2024

The Social Security Administration announced today that Social Security and Supplemental Security Income (SSI) benefits will increase 3.2 percent in 2024. Social Security retirement benefits will increase by an average of more than $50 per month starting in January 2024.

Other adjustments that take effect in January 2024 are based on the increases in average wages. For example, 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.

The non-blind Substantial Gainful Activity (SGA) limit will increase from $1,470 per month to $1,550 per month in 2024, and the maximum monthly SSI benefit will be $943 for individuals and $1,415 for eligible couples.

SSA anticipates that the average monthly Social Security benefit for all disabled workers in 2024 will be $1,537.

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