On average, Social Security retirement benefits will increase by about $50 per month starting in January. Over the last decade the cost-of-living adjustment (COLA) increase has averaged about 2.6%. The COLA was 3.2% in 2024. Nearly 68 million Social Security beneficiaries will see a 2.5% COLA beginning in January 2025.
For 2024, Social Security recipients got a 3.2% COLA. In 2023, the annual adjustment reached 8.7% — a nearly 40-year high as inflation soared — while the 2022 COLA stood at 5.9%.
If you're impacted by the Windfall Elimination Provision or the Government Pension Offset, this law likely applies to you. The law applies to Social Security benefits beginning in 2024 and moving forward. According to the Congressional Budget Office, beneficiaries will see an average monthly increase of $360.
Under title II of the Social Security Act (Act), there will be a 2.5 percent cost-of-living increase in Social Security benefits effective December 2024. In addition, the national average wage index for 2023 is $66,621.80.
Actual increases lower than projected
In November 2023, the projected average merit increase budget for 2024 was projected to be 3.5% and the average total increase budget was projected to be 3.8%.
Last Updated: November 1, 2023
More than 71 million Americans will see a 3.2% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2024.
To qualify to get $144 added back to your Social Security check, you can enroll in a Medicare Advantage plan that offers a Part B premium reduction or giveback benefit.
If your spouse dies, do you get both Social Security benefits? You cannot claim your deceased spouse's benefits in addition to your own retirement benefits. Social Security only will pay one—survivor or retirement. If you qualify for both survivor and retirement benefits, you will receive whichever amount is higher.
Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.
Cost of living adjustment (COLA)
The Board approved an increase of 3.40% to all pensions and deferred pensions. The increase is effective April 1, 2024 and is the maximum allowable for the year based on the Consumer Price Index (CPI).
Exactly how much in earnings do you need to get a $3,000 benefit? Well, you just need to have averaged about 70% of the taxable maximum. In our example case, that means that your earnings in 1983 were about $22,000 and increased every year to where they ended at about $100,000 at age 62.
Generally, the maximum Federal SSI benefit amount changes yearly. SSI benefits increased in 2024 because there was an increase in the Consumer Price Index from the third quarter of 2022 to the third quarter of 2023. Effective January 1, 2024 the Federal benefit rate is $943 for an individual and $1,415 for a couple.
Recipients received a 3.2% increase in their benefits in 2024, after a historically large 8.7% benefit increase in 2023, brought on by record 40-year-high inflation.
Each survivor benefit can be up to 100% of your benefit. The amount may be reduced if the women start benefits before their own full retirement age, but they don't have to share — the amount isn't reduced because you've had more than one spouse.
Ninety-five percent of never-beneficiaries are individuals whose earnings histories are insufficient to qualify for benefits. Late-arriving immigrants and infrequent workers comprise the vast majority of these insufficient earners.
Spouses and ex-spouses
Payments start at 71.5% of your spouse's benefit and increase the longer you wait to apply. For example, you might get: Over 75% at age 61.
Paused benefits earn delayed retirement credits for every month they're suspended until age 70. That can boost your benefits by 8% a year for a maximum of three years, resulting in a 24% bump. It's unclear how many people are taking the do-over.
Medicare Part A and Part B know they can get up to $800 back
All the member has to do is provide proof that they pay Medicare Part B premiums. Each eligible active or retired member on a contract with Medicare Part A and Part B, including covered spouses, can get their own $800 reimbursement.
Latest COLA
Social Security benefits will increase by 2.5 percent beginning with the December 2024 benefits, which are payable in January 2025. Federal SSI payment levels will also increase by 2.5 percent effective for payments made for January 2025.