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 |