By The Star Staff
The Social Security Administration announced Thursday a 3.2 percent increase in Social Security and Supplemental Security Income benefits for more than 71 million people in the United States by 2024.
“Social Security and SSI benefits will increase in 2024, helping millions of people keep up with expenses,” said Acting Social Security Commissioner Kilolo Kijakazi in written statements.
More than 66 million Social Security beneficiaries will receive the cost-of-living adjustment starting in January 2024. The increase for more than 7.5 million SSI beneficiaries will begin on December 29, 2023. Importantly, some people receive both benefits.
The maximum amount of earnings subject to Social Security taxes will increase from $160,200 to $168,600. In early December, Social Security will begin notifying people of their new benefit amount. Those with a personal Social Security account can check their COLA notice online. For more details, it is recommended to visit the official Social Security website.
Regarding Medicare changes for 2024, information is available at www.medicare.gov. The Social Security Law determines how the COLA is calculated, and it is linked to the increase in the Consumer Price Index for Urban Wage Workers and Administrative Workers. For more information, you can visit www.socialsecurity.gov/cola.