Smaller COLA Coming in 2024

The cost-of-living adjustment (COLA) for Social Security benefits in 2024 will be 3.2%, lower than the 8.7% COLA for 2023.

Average Benefit Bump in 2024

The average Social Security benefit is expected to increase by about $50 in 2024 due to the COLA.

Disability Earnings Limits Rising

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.

SSI Benefits Also Get a Bump

Supplemental Security Income (SSI) benefits are also increasing by 3.2% in 2024 in line with inflation.

Higher Wage Base for Payroll Taxes

The Social Security Wage Base, the maximum amount of earnings subject to Social Security payroll taxes, is rising to $168,600 in 2024.

Maximum Benefit Increase for 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.

Retirement Earnings Test Limits Go Up

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 Not Permanent

Benefit reductions from the retirement earnings test are restored once full retirement age is reached.

Trust Fund Depletion Projected by 2033

The Social Security Trust Funds are currently projected to be depleted by 2033 based on the latest Congressional Budget Office report.

Potential for Benefit Cuts in 2034

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.