Each year, the Social Security Administration announces the annual cost-of-living adjustment (COLA). The Social Security Administration has announced that Social Security and Supplemental Security Income (SSI) benefits will increase by 3.2% in 2024.*
See Your New Monthly Social Security Benefit
To view your new monthly benefit amount, log into your my Social Security account online. COLA notices for retirement, survivors, and disability beneficiaries will be posted online in December, and will be available in the message center.
Maximum Earnings Subject to Payroll Tax
In addition to a 3.2% COLA in Social Security and Supplemental Security Income, the maximum amount of earnings subject to Social Security payroll tax will increase to $168,600 in 2024. The earnings limit for workers who are younger than full retirement age will increase to $22,320 and the earnings limit for individuals reaching their full retirement age in 2024 will increase to $59,520. There is no limit on earnings for workers who are at their full retirement age or older for the entire year.
Federal benefits such as Social Security and Supplemental Security Income increase when the cost of living rises. Cost of living is measured by the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The CPI-W rises when prices for goods and services increase. For more detail on how the COLA is calculated, please visit https://www.ssa.gov/news/cola/.
Editor’s Note: This blog post was originally published in November of 2018, but has been updated to reflect 2024 benefits.