The Social Security Administration (SSA) recently announced that Social Security and Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) monthly benefits will increase 3.2 percent in 2024.
Social Security recipients will see this cost-of-living (COLA) increase by January 2024, while SSI recipients will see the change go into effect beginning on December 29, 2023.
For SSI, the maximum payout for 2024 will rise to $943 per month (up from $914 per month). For individuals on SSI with an eligible spouse, the maximum monthly payments will total $1,415 (up from $1,371 per month).
Although this 3.2 percent boost is significant, it is not as large as the increase seen in 2023, which was nearly 9 percent.
Individuals who receive SSDI will have their average monthly benefits rise by about $48 (with average estimated payouts of $1,537 per month, up from $1,489 in 2023.)
The SSA will begin notifying people about their new benefit amount by mail in early December 2023. Those who have a My Social Security account can go online and find out quicker (and securely) what their adjustments will look like. According to SSA, to access the online features, an individual will need to have a My Social Security account by November 14 to see their COLA notice. (To set this account up, go to: www.ssa.gov/myaccount.)
Additional information about the SSA’s 2024 COLA changes can be found on their fact sheet.