"2024 Social Security Update: Significant Payment Increases and Key Changes Affecting All Americans"
Social Security beneficiaries, including those on SSI, SSDI, and VA, can expect an increase in their benefits in 2024, with a possible additional $2,400 due to a 3.2% COLA adjustment to offset inflation. Payments will start on December 29, 2023, for SSI recipients due to the New Year holiday, with other beneficiaries receiving their adjusted benefits based on their birthdate schedule. Additionally, the Social Security tax wage base will rise to $168,600, resulting in higher taxes for some high-income earners to fund the program. Beneficiaries are encouraged to maximize their earnings before retirement to increase their benefit amounts.