Fact Sheet

SOCIAL SECURITY

Social Security National Press Office Baltimore, MD

2024 SOCIAL SECURITY CHANGES

Cost-of-Living Adjustment (COLA):

Based on the increase in the Consumer Price Index (CPI-W) from the third quarter

of 2022 through the third quarter of 2023, Social Security and Supplemental

Security Income (SSI) beneficiaries will receive a 3.2 percent COLA for 2024.

NOTE: The 7.65% tax rate is the combined rate for Social Security and

Medicare. The Social Security portion (OASDI) is 6.20% on earnings up to the

applicable taxable maximum amount (see below). The Medicare portion (HI) is

1.45% on all earnings. Also, as of January 2013, individuals with earned income

of more than $200,000 ($250,000 for married couples filing jointly) pay an

additional 0.9 percent in Medicare taxes. The tax rates shown above do not

include the 0.9 percent.

limit.

This press release was produced and disseminated at U.S. taxpayer expense.

($4,710/mo.)

($4,960/mo.)

One dollar in benefits will be withheld for every $3 in earnings above the limit.

None