Read more about the COLA, tax, benefit and earning amounts for 2024. There is no limit on earnings for workers who are 'full' retirement age or older for the entire year. (We deduct $1 from benefits for each $3 earned over $59,520 until the month the worker turns “full” retirement age.) The earnings limit for people reaching their “full” retirement age in 2024 will increase to $59,520. (We deduct $1 from benefits for each $2 earned over $22,320.) The earnings limit for workers who are younger than 'full' retirement age (see Full Retirement Age Chart) will increase to $22,320. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600. Read more about the Social Security Cost-of-Living adjustment for 2024. (Note: some people receive both Social Security and SSI benefits) Increased payments to approximately 7.5 million SSI recipients will begin on December 29, 2023. The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024.

Effect of COLA on Social Security BenefitsĬost-of-Living Adjustment (COLA) Information for 2024.

Cost-of-Living Adjustments (Publication).

Social Security Announces 3.2 Percent Benefit Increase for 2024.

Sources: The Council for Community and Economic Research (C2ER) Thurston Regional Planning Council. Items surveyed include products and services in the categories of:Īverage of Cities Participating in the Survey this Year To obtain cost of living data for other parts of the country, visit the C2ER website. In contrast, the C2ER index allows for comparisons among many places at one point in time, but does not compare changes over time. The C2ER index differs from the Consumer Price Index (CPI) in that the CPI strictly compares costs in one region over time. C2ER produces the only index of its scale and kind in the United States, allowing users to compare living costs in a particular place to the average of all participating cities. Approximately 274 cities throughout the United States and Canada participate each quarter.Ĭost of living statistics are some of the most commonly requested information provided by TRPC. This organization was formerly known as ACCRA.

The index is published by the council for Community and Economic Research (C2ER). The Cost of Living Index is now available from Thurston Regional Planning Council (TRPC).

The Olympia-Lacey-Tumwater Area & Other Select Cities

Cost of living index