2024 Social Security Benefits Rise 3.2%

The Social Security cost-of-living adjustment (COLA) for 2024 is 3.2 percent, far less than this year’s 8.7 percent COLA. The ceiling on earnings subject to payroll taxes is $168,600, up from $160,200 in 2023.

The agency bases the COLA on consumer price inflation for the year ending September 30. The rate of inflation was sharply lower in 2023 than 2022.

The COLA also affects other Social Security benefit formulas. Here is the agency’s fact sheet. Apologies for the clunky appearance. Some of the terms may be obscure. If a visit to your favorite search engine does not explain something clearly, let me know and I’ll respond.