Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024. The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI recipients will begin on December 29, 2023. (Note that some people receive both Social Security and SSI benefits.)
The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600.
The earnings limit for workers who are younger than full retirement age will increase to $22,320. (Social Security will deduct $1 from benefits for each $2 earned over $22,320.)
The earnings limit for people reaching their full retirement age in 2024 will increase to $59,520. (Social Security deducts $1 from benefits for each $3 earned over $59,520 until the month the worker turns full retirement age.)
There is no limit on earnings for workers who are full retirement age or older for the entire year.
Information about Medicare changes for 2024 will be available at www.medicare.gov. For Social Security beneficiaries receiving Medicare, their new 2024 benefit amount will be available in December through the mailed COLA notice and my Social Security’s Message Center.
In December 2023, Social Security COLA notices will be available online to most beneficiaries in the Message Center of their My Social Security account. This is a secure, convenient way to receive COLA notices online and save the message for later. Be sure to choose the preferred way to receive courtesy notifications so that secure, convenient online COLA notice aren’t missed.
(Source: Social Security Administration)