2023-10-12 23:05:41
WASHINGTON — Social Security and Supplemental Security Income (SSI) benefits will increase 3.2 percent in 2024 for more than 71 million people in the United States, the Social Security Administration announced.
On average, Social Security retirement benefits will increase by more than $50 a month starting in January.
More than 66 million Social Security beneficiaries will see the 3.2 percent Cost of Living Adjustment (COLA) starting in January 2024.
Increased payments for approximately 7.5 million SSI beneficiaries will begin December 29, 2023.
The agency clarified that some people receive both Social Security and SSI benefits.
Acting Social Security Commissioner Kilolo Kijakazi said, “Social Security and SSI benefits will increase in 2024, helping millions of people keep up with expenses.”
Some of the other adjustments that take effect in January of each year are based on increases in average wages.
Based on that increase, the maximum amount of earnings subject to Social Security taxes (taxable maximum) will increase from $160,200 to $168,600.
Social Security begins notifying people by mail about their new benefit amounts in early December.
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