Social Security Benefits Set to Increase in 2024

Social Security benefits are set to experience an increase in 2024, as announced by the Social Security Administration (SSA). The adjustment is anchored on an annual cost-of-living increase designed to keep benefits in line with inflation.

Details of the 2024 Social Security Benefit Increase

The SSA revealed that the benefits will rise by 2.8% for 2024. This change follows a similar adjustment made during the previous year. The increase affects payments to both Social Security and Supplemental Security Income (SSI) beneficiaries.

Benefit Amounts

The changes in benefit amounts are as follows:

• Maximum federal SSI benefit for individuals: $994 per month, up from $967 in 2023.
• Maximum federal SSI benefit for couples: $1,491 per month, an increase from $1,450 in 2023.

It is important to note that some beneficiaries may receive more due to additional contributions from their respective states.

Official Remarks

Frank J. Bisignano, Commissioner of the SSA, emphasized the importance of the cost-of-living adjustment. He stated, “Social Security is a promise kept, and the annual cost-of-living adjustment is one way we are working to ensure benefits reflect today’s economic realities.”

This year’s COLA announcement was delayed because of the government shutdown, but the SSA confirmed that beneficiaries will see the increased payments starting December 31 for SSI recipients. Those on Social Security will experience the new adjustments in January.

Comparison to Previous Increases

The 2024 COLA of 2.8% is higher than the 2.5% increase observed in 2023. However, it does fall below the 3.1% average increase seen over the last decade, according to federal data.

Notification to Beneficiaries

Beneficiaries will receive a one-page notice in early December, detailing their new benefit amounts and any deductions. Furthermore, individuals can check these updates by logging into their accounts on the SSA’s website.

Advocacy for Higher Increases

In light of the modest increase, Shannon Benton, Executive Director of The Senior Citizens League, expressed concerns over the adequacy of these benefits. The organization is advocating for Congress to implement a minimum COLA of 3% and to revise the calculation methods used for these adjustments.

This increase in Social Security benefits marks a critical development for millions of beneficiaries. As discussions around adequacy and adjustment methods continue, many anticipate further changes in the future.