2024’s Cost of Living Adjustment (COLA) has been published as planned. As many had predicted, compared to last year’s staggering 8.7% increase, it’s a rather more modest 3.2%.
In terms of how that looks to SSI recipients, it means that the Federal Benefit Rate (FBR) will rise to $943 a month for an individual and $1,415 for a married couple. The countable resource limit hits the ripe old age of 40, perennially moored at $2000 for individuals and $3000 for a couple.
As is the case each year, the COLA announcement comes with news of changes to the Trial Work Period (TWP), Substantial Gainful Activity (SGA), and Student Earned Income Exclusion (SEIE) thresholds. The TWP in 2024 is up to $1,110; the SGA for non-blind recipients and applicants rises to $1,550; and for those who are statutorily blind that figure continues upwards to $2,590. The SEIE monthly and annual limits are up too and will be at $2,290 and $9,230 respectively.
For those who took their SSA retirement early you can work and earn $1,860 a month before there’s any reduction in your check. Those who hit full retirement age in 2024 will lose one dollar of every three they earn over $4,960 a month.
Here’s the full list of changes for the new year: Social Security Changes – COLA Fact Sheet (ssa.gov)