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Social Security and Supplemental Security Income (SSI) benefits for Texas County residents will increase 3.2 percent in 2024, the Social Security Administration announced Thursday. On average, Social Security retirement benefits will jump by more than $50 per month starting in January.
More than 66 million Social Security beneficiaries will see the 3.2 percent cost-of-living adjustment (COLA) beginning in January 2024. Persons can begin drawing Social Security at age 62 until age 70. The benefit will be higher the longer it is delayed. According to U.S. Census Bureau data, about 21.4 percent of the county’s population is 65 and older.
Increased payments to approximately 7.5 million people receiving SSI will begin on Dec. 29, 2023. (Note: some people receive both Social Security and SSI benefits).
“Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,” said Kilolo Kijakazi, acting commissioner of Social Security.
Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600 from $160,200.
Social Security begins notifying people about their new benefit amount by mail starting in early December. Individuals who have a personal my Social Security account can view their COLA notice online, which is secure, easy and faster than receiving a letter in the mail. People can set up text or email alerts when there is a new message — such as their COLA notice — waiting for them in my Social Security.