Social Security Benefits Increase in 2024

More than 71 million Americans will see a 3.2% increase in their Social Security benefits and Supplemental Security Income payments in 2024. 

On average, Social Security retirement benefits will increase by more than $50 per month starting in January.

Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index.  The Consumer Price Index rises when inflation increases, leading to a higher cost-of-living.  This change means prices for goods and services, on average, are higher.  The cost-of-living adjustment helps to offset these costs.

River Valley District Family Resource Management Agent Monica Thayer says benefit amounts will not be available before December. 

Social Security is financed by payroll taxes collected from workers and their employers.  The maximum amount of earnings subject to Social Security payroll taxes will be $168,600 for 2024, up from $160,200 for 2023.