Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024.
The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI recipients will begin on December 29, 2023. (Note: some people receive both Social Security and SSI benefits)
The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600.
The earnings limit for workers who are younger than "full" retirement age (see Full Retirement Age Chart) will increase to $22,320. (We deduct $1 from benefits for each $2 earned over $22,320.)
The earnings limit for people reaching their “full” retirement age in 2024 will increase to $59,520. (We deduct $1 from benefits for each $3 earned over $59,520 until the month the worker turns “full” retirement age.)
There is no limit on earnings for workers who are "full" retirement age or older for the entire year.
In December 2023, Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account.
This is a secure, convenient way to receive COLA notices online and save the message for later. You can also opt out of receiving notices by mail when you sign in or create a my Social Security account. Be sure to choose how you want us to let you know when your COLA notice is ready to view in your Message Center: email only, text message only, or both text message and email.
Remember, our services are free of charge. No government agency or reputable company will solicit your personal information or request advanced fees for services in the form of wire transfers or gift cards. Avoid falling victim to fraudulent calls and internet “phishing” schemes by not revealing personal information, selecting malicious links, or opening malicious attachments. You can learn more about the ways we protect your personal information and my Social Security account here.
Please let us know right away if you start receiving a retirement or disability pension for work in which you did not pay Social Security taxes. If you receive spouse’s or surviving spouse’s benefits, you must also report any changes to the pension you already receive.
Life Changes May Affect Your Benefits
Certain life changes may affect your eligibility for benefits. It is important to tell us if you marry, divorce, or your spouse or ex-spouse dies. If you have a child or stepchild who gets benefits on your record and no longer lives with you, please let us know. Visit www.ssa.gov/potentialentitlement to find out more.
Suspect Social Security Fraud?
If you suspect Social Security fraud, please visit https://oig.ssa.gov/report or call the Inspector General’s Fraud Hotline at 1-800-269-0271 (TTY 1-866-501-2101).
Help Prevent Identity Theft
Be aware of scams through the mail, internet, telephone, or in person. You should be careful when someone asks for personal information like your Social Security number. Please visit www.usa.gov/identity-theft to find out more.
If you still get a paper check, you must visit the Department of the Treasury’s website at www.godirect.gov to request electronic payments.
Working And Getting Social Security At The Same Time
You can work and still get Social Security benefits. If you are at full retirement age or older, you may keep all of your benefits no matter how much you earn. Please visit www.ssa.gov/benefits/retirement/planner/ageincrease.html to determine your full retirement age using our Retirement Age Calculator.
If you are younger than full retirement age at any time in 2024, there is a limit to how much you can earn before we reduce your benefits. If you are working or planning to work, we usually ask you to estimate your earnings for the year. If you do not report your estimated earnings and get paid too much, you may have to repay benefits received.
Visit www.healthcare.gov or call 1-800-318-2596 (TTY 1-855-889-4325) to learn more.
Other Help For Older Adults and People with Disabilities
The Administration for Community Living offers older adults and people with disabilities a way to connect to a variety of community services and resources.
For Older Adults: Eldercare Locator at 1-800-677-1116 or eldercare.acl.gov
For People with Disabilities: Disability Information and Access Line (DIAL) at 1-888-677-1199 or www.acl.gov/DIAL
If you still get a paper check, you must visit the Department of the Treasury’s website at www.godirect.gov to request electronic payments.
If You Work Or Want To Return To Work
We have a free and voluntary program called Ticket to Work that helps people who get disability benefits go to work. If you participate in this program, we may set aside review of your medical condition. Special rules may allow you to keep your Medicare or Medicaid and some or all of your disability benefits during your transition to work.
Over time, you can replace your benefit payments with earnings from work. Please visit www.choosework.ssa.gov to find service providers who will explain how work will affect your benefits and help you find, prepare for, and keep a job. For more information, contact the Ticket to Work Help Line at 1-866-968-7842 (TTY 1-866-833-2967).
If you receive disability benefits, you must call us right away at 1-800-772-1213 (TTY 1-800-325-0778) and tell us if you start or return to work. When you get Supplemental Security Income, you must also tell us each month if there are changes in the amount of your earnings. If you do not report your earnings and get paid too much, you may have to repay benefits received. When you report your earnings, we will give you a receipt to verify your report. Keep this receipt with your other important papers from us. To learn more, visit www.ssa.gov/pubs/EN-05-10095.pdf and read Working While Disabled: How We Can Help (Publication No. 05-10095). For information on employment support programs, visit www.ssa.gov/redbook and read The Red Book - A Guide to Work Incentives and Employment Supports for People Who Have a Disability Under the Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) Programs (Publication No. 64-030).
Easy Ways To Report Wages
You may be able to report wages using the “myWageReport” tool. This tool lets you report wages securely online using a computer, tablet, or smartphone through your my Social Security account. Go to www.ssa.gov/myaccount to sign in or create your account.
To find out if you can use our automated service, please contact us.
If You Receive Workers’ Compensation Or Public Disability Benefits
Please let us know right away about any changes to your workers’ compensation or public disability benefit payments or lump sum awards. You must also report any new payments you receive.
Visit www.healthcare.gov or call 1-800-318-2596 (TTY 1-855-889-4325) to learn more.
Other Help For Older Adults and People with Disabilities
The Administration for Community Living offers older adults and people with disabilities a way to connect to a variety of community services and resources.
For Older Adults: Eldercare Locator at 1-800-677-1116 or eldercare.acl.gov
For People with Disabilities: Disability Information and Access Line (DIAL) at 1-800-677-1199 or www.acl.gov/DIAL
If you reside outside the U.S., you may be able to get your benefit payments electronically. Visit the Department of the Treasury’s website at www.godirect.gov for more information.
If You Move
Please let us know your correct address so we can continue to send you important Social Security information.
If You Work In 2024
If you are full retirement age or older for all of 2024, you may keep all of your benefits no matter how much you earn.
If you are younger than full retirement age at any time in 2024, and you are working outside the United States, you must tell us. Your work may affect your benefits.
Information about Medicare changes for 2024 will be available at www.medicare.gov or by calling 1-800-MEDICARE (1-800-633-4227) (TTY 1-877-486-2048). For Social Security beneficiaries receiving Medicare, their new 2024 benefit amount will be available in December through the mailed COLA notice and my Social Security’s Message Center.
The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. It is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year. If there is no increase, there can be no COLA.
The CPI-W is determined by the Bureau of Labor Statistics in the Department of Labor. By law, it is the official measure used by the Social Security Administration to calculate COLAs.
Congress enacted the COLA provision as part of the 1972 Social Security Amendments, and automatic annual COLAs began in 1975. Before that, benefits were increased only when Congress enacted special legislation.
Beginning in 1975, Social Security started automatic annual cost-of-living allowances. The change was enacted by legislation that ties COLAs to the annual increase in the Consumer Price Index (CPI-W).
The change means that inflation no longer drains value from Social Security benefits.
The 1975-82 COLAs were effective with Social Security benefits payable for June (received by beneficiaries in July) in each of those years. After 1982, COLAs have been effective with benefits payable for December (received by beneficiaries in January).
(1) The COLA for December 1999 was originally determined as 2.4 percent based on CPIs published by the Bureau of Labor Statistics. Pursuant to Public Law however, this COLA is effectively now 2.5 percent.