what is the increase for 2024 social security

The Social Security increase for 2024 is a 3.2% cost-of-living adjustment (COLA), which began showing up in benefit payments starting January 2024.

Quick Scoop: 2024 Social Security Increase

• 2024 COLA: 3.2% increase to Social Security and SSI benefits.

• Who’s affected: More than 71 million people receiving Social Security retirement, disability, or SSI.

• When it kicked in:
  • Social Security benefits: Higher payments started with January 2024 checks.

* SSI: Increased payments started December 29, 2023.

• Average dollar boost:
  • Average Social Security retirement benefit went up by a bit more than 50 dollars per month (roughly 50–57 dollars depending on the source and example benefit used).

A Bit More Context

• The 3.2% increase is based on inflation as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

• It is much smaller than the big 8.7% jump in 2023, but still slightly above the long-term average COLA of about 2.6% over the past 20 years.

• The maximum amount of earnings subject to Social Security tax also rose in 2024, from 160,200 dollars to 168,600 dollars.

Simple Example

If your 2023 monthly benefit was 1,500 dollars, a 3.2% COLA would add about 48 dollars, bringing it to about 1,548 dollars per month in 2024 (before any Medicare Part B premium changes). This matches the general pattern of “around 50 dollars more per month” quoted in official and advocacy summaries.

Information gathered from public forums or data available on the internet and portrayed here.