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. | ||
| 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 | |
October 17, 2023
