Social Security 2024 Cola Increase Factors. Social security benefits and supplemental security income (ssi) payments for more than 71 million americans will increase by 3.2% in 2024. Wage indexing depends on the year in which a person is first eligible to receive benefits.
So if a person reaches age 62 in 2024, then 2024 is the person’s year of eligibility. A 3 percent adjustment would boost the average social security retirement benefit — $1,839 a month in july 2023 — by about $55 a month in 2024.
There’s A Chance The 2024 Cola Could Drop Below 3% If The September Inflation Rate Is Especially Low.
Social security benefits will increase by 3.2 percent beginning with the december 2023.
How Much Is The Increase:
For social security beneficiaries, the 2024 cola can have both positive and negative implications.
Social Security 2024 Cola Increase Factors Images References :
How Much Is The Increase:
This adjustment will affect social security retirement, disability, and ssi.
The Social Security Cola For 2023 Was 8.7%.
So if a person reaches age 62 in 2024, then 2024 is the person’s year of eligibility.