[NFBOH-Cleveland] 2024 Social Security Cost-of-Living Adjustment

[Suzanne Turner]

Cost-of-Living Adjustment

 

SOCIAL SECURITY

 

Social Security National Press Office Baltimore, MD

 

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. 

 

Other important 2024 Social Security information is as follows: 

 

Tax Rate 2023 2024

 

Employee 7.65% 7.65%

 

Self-Employed 15.30% 15.30%

 

NOTE: The 7.65% tax rate is the combined rate for Social Security and 

 

Medicare. The Social Security portion (OASDI) is 6.20% on earnings up to the


 

applicable taxable maximum amount (see below). The Medicare portion (HI) is 

 

1.45% on all earnings. Also, as of January 2013, individuals with earned
income 

 

of more than $200,000 ($250,000 for married couples filing jointly) pay an 

 

additional 0.9 percent in Medicare taxes. The tax rates shown above do not 

 

include the 0.9 percent. 

 

2023 2024

 

Maximum Taxable Earnings

 

Social Security (OASDI only) $160,200 $168,600

 

Medicare (HI only) No Limit

 

Quarter of Coverage

 

$1,640 $1,730

 

Retirement Earnings Test Exempt Amounts

 

Under full retirement age $21,240/yr.

 

($1,770/mo.)

 

$22,320/yr.

 

($1,860/mo.)

 

NOTE: One dollar in benefits will be withheld for every $2 in earnings above
the 

 

limit.This press release was produced and disseminated at U.S. taxpayer
expense.

 

2023 2024

 

The year an individual reaches full 

 

retirement age

 

$56,520/yr.

 

($4,710/mo.)

 

$59,520/yr.

 

($4,960/mo.)

 

NOTE: Applies only to earnings for months prior to attaining full retirement
age. 

 

One dollar in benefits will be withheld for every $3 in earnings above the
limit. 

 

Beginning the month an individual 

 

attains full retirement age None 

 

2023 2024

 

Social Security Disability Thresholds

 

Substantial Gainful Activity (SGA)

 

Non-Blind $1,470/mo. $1,550/mo.

 

Blind $2,460/mo. $2,590/mo.

 

Trial Work Period (TWP) $1,050/mo. $1,110/mo.

 

Maximum Social Security Benefit: Worker Retiring at Full Retirement Age

 

$3,627/mo. $3,822/mo.

 

SSI Federal Payment Standard

 

Individual $ 914/mo. $ 943/mo.

 

Couple $1,371/mo. $1,415/mo.

 

SSI Resource Limits

 

Individual $2,000 $2,000

 

Couple $3,000 $3,000

 

SSI Student Exclusion

 

Monthly limit $2,220 $2,290

 

Annual limit $8,950 $9,230

 

Estimated Average Monthly Social Security Benefits Payable in January 2024

 

Before

 

3.2% COLA

 

After

 

3.2% COLA

 

All Retired Workers $1,848 $1,907

 

Aged Couple, Both Receiving 

 

Benefits $2,939 $3,033 

 

 

Widowed Mother and Two Children $3,540 $3,653

 

Aged Widow(er) Alone $1,718 $1,773

 

Disabled Worker, Spouse and One or 

 

More Children $2,636 $2,720 

 

All Disabled Workers $1,489 $1,537

colafacts2024. 

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