2024 Cost Of Living Social Security. Sun, may 12, 2024, 11:10 am 5 min. The maximum amount of earnings subject to social security payroll taxes will be $168,600 for 2024, up from $160,200 for 2023.
Federal ssi payment levels will also increase by 3.2 percent effective for payments made for january 2024. Social security payments are made staggered on wednesdays of each month.
What Is Social Securityโs Cola?
Starting in january, the estimated average monthly retirement benefit will increase by 3.2%, or $59 a month, for 2024 โ from $1,848 to $1,907.
The Average Monthly Payout For A Retired Worker Is Now $1,907.
Each year, social security bases the cola on changes in the consumer price index.
The 3.2% Cola Increase Is Significantly Smaller Than 2023โS 8.7% Jump, Which Took Into Account The High Rate Of Inflation At That.
Images References :
Bureau Of Labor Statistics On Oct.
How much is the increase:
We Will Announce The Next Cola In October 2024.
The 3.2% cola increase is significantly smaller than 2023โs 8.7% jump, which took into account the high rate of inflation at that.
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