SOCIAL SECURITY ANNOUNCES 2024 COST-OF-LIVING-ADJUSTMENT (COLA):
Social Security recipients will get a 3.2 percent increase in their monthly payments next year, the Social Security Administration (SSA) announced on October 12. Starting in January, the average monthly Social Security retirement benefit will rise by $59, from approximately $1,848 to $1,907, according to the SSA. The average disability benefit will increase from $1,489 to $1,537.
However, some of this gain will be reduced by the increase in Medicare premiums. The standard monthly premium for Medicare Part B enrollees will be $174.70 for 2024, an increase of $9.80 from $164.90 in 2023. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, an increase of $14 from the annual deductible of $226 in 2023.
The COLA will be applied to veterans’ benefits and retirement pay as well as Social Security payments.
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 (see Full Retirement Age Chart) will increase to $22,320. (The SSA deduct $1 from benefits for each $2 earned over $22,320.)
In December 2023, Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account.
