On October 12, 2023, the Social Security Administration announced that Social Security and Supplemental Security Income (SSI) benefits will increase 3.2 percent in 2024. On average, Social Security retirement benefits will increase by more than $50 per month starting in January.
Social Security beneficiaries will see the 3.2 percent cost-of-living adjustment (COLA) beginning in January 2024. Increased payments to people receiving SSI will begin on December 29, 2023. (Note: some people receive both Social Security and SSI benefits).
Social Security begins notifying people about their new benefit amount by mail starting in early December. Individuals who have a personal my Social Security account can view their COLA notice online. People can set up text or email alerts when there is a new message–such as their COLA notice–waiting for them in my Social Security.
Information about Medicare changes for 2024 are available at www.medicare.gov. For Social Security beneficiaries enrolled in Medicare, their new 2024 benefit amount will be available in December through the mailed COLA notice and my Social Security’s Message Center.
Please see the following Social Security Fact Sheet for more information about 2024 changes to benefits and Substantial Gainful Activity limits.