[Tall-Corn] Fw: [Ohio-Talk] 2024 Social Security Cost-of-Living Adjustment

[Shane Popplestone]

This scrolled across my desk from the Ohio listserve so I'm forwarding 
it here for yall in Iowa.
Thanks.
Shane Popplestone
President of the Ohio Association of blind students
Co-chair of the ohio newsline committee
member of the Grater Akron Chapter
member of Ohio Association of Guide Dog users
spopplestone.nfb at gmail.com
234-716-2208
You can live the life you want!


------ Forwarded Message ------
>From "Suzanne Turner via Ohio-Talk" <ohio-talk at nfbnet.org>
To smturner.234 at gmail.com
Cc "Suzanne Turner" <smturner.234 at gmail.com>
Date 10/20/2023 11:51:51 AM
Subject [Ohio-Talk] 2024 Social Security Cost-of-Living Adjustment

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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