The cost-of-living adjustment (COLA) for Social Security benefits in 2024 will be 3.2%, lower than the 8.7% COLA for 2023.
The average Social Security benefit is expected to increase by about $50 in 2024 due to the COLA.
The monthly earning limits for being considered "disabled" and qualifying for disability benefits are increasing in 2024 to $1,550 for non-blind people and $2,590 for blind people.
Supplemental Security Income (SSI) benefits are also increasing by 3.2% in 2024 in line with inflation.
The Social Security Wage Base, the maximum amount of earnings subject to Social Security payroll taxes, is rising to $168,600 in 2024.
The maximum possible Social Security benefit for those retiring at full retirement age in 2024 will be $3,822 per month, up from $3,627.
The retirement earnings test limits, which can trigger a reduction in benefits if exceeded, are increasing to $22,320 for those below full retirement age and $59,520 for the year full retirement age is reached.
Benefit reductions from the retirement earnings test are restored once full retirement age is reached.
The Social Security Trust Funds are currently projected to be depleted by 2033 based on the latest Congressional Budget Office report.
If Trust Funds are depleted, Social Security benefits could have to be cut by up to 25% starting in 2034 unless legislative changes are made.