Friday, December 1, 2023

Find out how much Social Security benefits will increase in 2024

Social Security in the United States has announced additional measures for next year. During 2024, a benefit will be given to millions of beneficiaries, which will give them the opportunity to experience an increase in their benefits, although it is expected that it will not follow the inflation of the country.

As we remember very well, the United States received an increase in Social Security and Income Security benefits close to 8.7% in 2023, however, the Administration of the funds of the beneficiaries themselves concluded this past Thursday that the official figure The increase is less than that. last semester.

Do you want to know how much this progressive increase in value is in percentage numbers and money? Well, here we tell you in detail.


According to official reports, the increase in benefits to contributors will be 3.2% in total, a figure lower than last year and much lower than the 3.7% experienced in the United States in September.

It should be noted that the cost of living adjustment (COLA) is responsible for determining this increase for all beneficiaries, and according to its latest studies, each one immersed in this insurance program will receive about 50 more of dollars per month starting January 2024.

For its part, the American Association of Retired Persons (AARP) expects the new amount to be between $59 and $60 per month, which will create a small increase compared to this year’s contribution.

Find Out That The Increase In Income Will Be Lower Than That Recorded In 2023 (Photo: Freepik)

Let’s remember that Social Security is funded by payroll taxes collected by employees and employers. This maximum amount will be subject to Social Security taxes and rates, which will be $168,600 for 2024, a number higher than $160,200 in 2023.


It is important to explain that this progressive increase is due to studies conducted by COLA, based on the Consumer Price Index for Urban Wage Earners and Office Workers (CPI-W). Therefore, COLA 2024 analyzes the CPI between the third quarter of the previous year and September of the same year.

By 2024, Social Security Plans To Increase Its Benefits By Nearly $58.  (Photo: Afp)

Finally, the Bureau of Labor Statistics of the Department of Labor determines the CPI-W, because it is the official measure used by the Social Security Administration to determine COLAs.

World Nation News Desk
World Nation News Desk
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