SPOKANE, Wash. — More than 71 million Americans will see a 3.2% increase in their Social Security benefits and Supplemental Security Income payments starting Jan. 2024.
On average, with this increase, social security retirement benefits will increase by more than $50 per month.
“Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,” said Kilolo Kijakazi, Acting Commissioner of Social Security.
This increase is due to the cost-of-living costs, measured by the Department of Labor’s Consumer Price Index (CPI-W).
Since inflation increased this means that goods and services, on average, have gotten more expensive.
If you receive any of these benefits, you will get a notice in the mail throughout the month of December. But if you want to know your benefit sooner, you can obtain it online using the Messenger Center in your personal account.
January 2024 will experience other changes based on the increase in the national average wage index. For example, the maximum amount of earnings subject to Social Security payroll tax in 2024 will be higher.
To get more information and know about all the changes happening you can sign up or log into a “my Social Security” account today.
To learn more about the 2024 COLA, use the link here.
