Social Security Announces Higher Benefits in 2024 Based on Inflation

Social Security's cost-of-living adjustment (COLA) for 2024 will be announced on October 12, 2023. The COLA is estimated to be around 3.2%.

The retirement earnings test exempt amounts that determine benefit reductions for early claimers who work will be increased.

The maximum taxable earnings limit, currently $160,200, will be increased to account for wage growth.

The maximum Social Security benefit amount for newly retired workers will also increase from the current $3,627 per month.

Overall, several key Social Security figures will be revised and announced on October 12 based on inflation and national average wage changes.