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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 Rate20232024
Employee7.65%7.65%
Self-Employed15.30%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.

 20232024
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.
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 ageNone
 20232024
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

October 17, 2023

Social Security Fact Sheet

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