The Social Security Administration has announced an eagerly awaited update for 2024, bringing good news for millions of Americans. Social Security and Supplemental Security Income (SSI) benefits are set to increase by a notable 3.2 percent in the coming year. With this increase, more than 71 million Americans will experience a welcomed boost to their financial well-being. Here's a closer look at what this means for beneficiaries and some other key adjustments to be aware of.
3.2 Percent Benefit Increase: What You Need to Know
Starting in January 2024, Social Security retirement benefits will surge by over $50 per month, making a significant difference in the lives of many retirees. Over 66 million Social Security beneficiaries will witness this 3.2 percent cost-of-living adjustment (COLA) in their payments beginning in January 2024.
But the good news doesn't stop there. Nearly 7.5 million people receiving SSI benefits will start to receive their increased payments on December 29, 2023. It's important to note that some individuals are eligible for both Social Security and SSI benefits.
Other Adjustments for 2024
In addition to the significant COLA increase, other important adjustments will take effect in January 2024. These changes are closely tied to the increase in average wages. One such adjustment involves the maximum amount of earnings subject to the Social Security tax, also known as the taxable maximum. In 2024, this amount will rise to $168,600, up from $160,200 in the previous year.
This adjustment has implications for both workers and employers, impacting the calculation of Social Security tax contributions. Be sure to stay informed about these changes to understand how they might affect your financial situation.
Accessing Your Benefit Information
As we approach the end of the year, Social Security will begin notifying beneficiaries about their new benefit amounts. These notices will be sent by mail starting in early December. However, individuals with a personal “my Social Security” account can view their COLA notice online.
Your Pittsburgh Social Security Disability Attorneys
Robert Peirce & Associates, P.C., your trusted Pittsburgh Social Security Disability Attorneys, are here to provide unwavering support and expert guidance to ensure you can continue to support yourself and your family after experiencing disability. In times of severe injury or the diagnosis of a chronic illness, when your ability to work and provide for your loved ones is jeopardized, our dedicated team steps in to help.
If you have questions regarding SSDI benefits, contact Robert Peirce & Associates, P.C. today at (844) 383-0565 to get started.