Social Security Benefits Increasing in 2024
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.
*https://www.ssa.gov/cola/
Important Disclosure Information: The information contained within this blog is for informational purposes only and is not intended to provide specific advice or recommendations. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Schultz Financial Group Incorporated), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Schultz Financial Group Incorporated. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Schultz Financial Group Incorporated is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Schultz Financial Group Incorporated’s current written disclosure statement discussing our advisory services and fees is available for review upon request. Please Note: Schultz Financial Group Incorporated does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Schultz Financial Group Incorporated’s web site or incorporated herein, and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.