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2024 Social Security Updates

Published on January 3, 2024 by Leslie Bailey

There is a 3.2% cost of living adjustment (COLA) to Social Security and SSI benefits for 2024.

  • The following are the federal monthly SSI benefit amount for 2024:

    • For an individual living alone: $943, plus the NYS supplement of $87, for a total of $1,030.

    • For a couple living alone: $1,415, plus the NYS supplement of $104, for a total of $1,519.

  • The maximum amount of the Social Security retirement benefit when retiring at full retirement: $4,960 per month.

  • Estimated average monthly Social Security retirement benefit for all workers: $1,907 per month.

  • The monthly amount of earnings needed to earn a quarter of coverage for Social Security Insurance-based benefits: $1,730.

  • Substantial Gainful Activity (SGA) Level:

    • For people with disabilities: $1,550 per month.

    • For the blind: $2,590 per month.

  • Trial Work Period: $1,110 per month.

For more information about COLA go to: https://www.ssa.gov/cola 

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