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Social Security and Supplemental Security Income (SSI) benefits for more than 72.5 million Americans will increase 2.5 percent in 2025. The 2.5 percent cost-of-living adjustment (COLA) will begin with benefits payable to nearly 68 million Social Security beneficiaries in January 2025.
2024 SOCIAL SECURITY CHANGES. Cost-of-Living Adjustment (COLA): Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2022 through the third quarter of 2023, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 3.2 percent COLA for 2024.
Code Section 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 401(a)(17)/404(l) Annual Compensation $345,000 $330,000 $305,000 $290,000 $285,000 $280,000 $275,000 $270,000 $265,000 $260,000 $255,000 $250,000 $245,000
2 lis 2023 · To compensate for the effects of inflation, Social Security recipients usually receive an annual cost-of-living adjustment (COLA). According to parameters outlined in the Social Security Act (42 U.S.C. §415(i)), a 3.2% COLA is payable starting in January 2024.
10 sie 2023 · A 3 percent adjustment would boost the average Social Security retirement benefit — $1,839 a month in July 2023 — by about $55 a month in 2024.
Make the most of the 2024 Social Security COLA increase. If you receive Social Security, you likely recall the 8.7% boost in benefits last year as part of the 2023 cost-of-living adjustment (COLA) increase.
January 1, 2024, federal cost-of-living adjustment (COLA) for Title II Retirement, Survivors and Disability Insurance (RSDI) Social Security benefits and Title XVI Supplemental Security Income (SSI) benefits has been set at 3.2%. The 2024 SSI and SSP Maximum Monthly Benefit Levels Chart with an effective date of January 1, 2024, is attached.
