{"id":2443,"date":"2023-10-12T09:00:02","date_gmt":"2023-10-12T13:00:02","guid":{"rendered":"https:\/\/blog.markkirkwood.com\/?p=2443"},"modified":"2023-10-21T09:20:27","modified_gmt":"2023-10-21T13:20:27","slug":"cost-of-living-adjustment-increases-3-2-in-2024-contribution-base-increased-to-168600","status":"publish","type":"post","link":"https:\/\/blog.markkirkwood.com\/?p=2443","title":{"rendered":"COLA Increases – 3.2% in 2024"},"content":{"rendered":"

Per the release of the October CPI report, we now have the Cost of Living Adjustment (COLA), and the contribution base for 2024.<\/p>\n

From Social Security:\u00a0Social Security Announces 3.2 Percent Benefit Increase for 2024<\/a><\/p>\n

Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will\u00a0increase 3.2 percent in 2024<\/b>, the Social Security Administration announced today. On average, Social Security retirement benefits will increase by more than $50 per month starting in January.
\n…
\nSome other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase,\u00a0the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600<\/b>\u00a0from $160,200.<\/p><\/blockquote>\n

Currently CPI-W is the index that is used to calculate the Cost-Of-Living Adjustments (COLA). Here is\u00a0a discussion from Social Security on the\u00a0current calculation<\/a>\u00a0(3.2% increase) and a list of previous\u00a0Cost-of-Living Adjustments<\/a>.<\/p>\n

The\u00a0contribution and benefit base<\/a>\u00a0will be $168,600 in 2024.<\/p>\n

The\u00a0National Average Wage Index<\/a>\u00a0increased to $63,795.13 in 2022, up 5.3% from $60,575.07 in 2021 (used to calculate contribution base).<\/p>\n","protected":false},"excerpt":{"rendered":"

Per the release of the October CPI report, we now have the Cost of Living Adjustment (COLA), and the contribution base for 2024. From Social Security:\u00a0Social Security Announces 3.2 Percent Benefit Increase for 2024 Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will\u00a0increase 3.2 percent in 2024, the Social […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2443","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/blog.markkirkwood.com\/index.php?rest_route=\/wp\/v2\/posts\/2443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.markkirkwood.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.markkirkwood.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.markkirkwood.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.markkirkwood.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2443"}],"version-history":[{"count":4,"href":"https:\/\/blog.markkirkwood.com\/index.php?rest_route=\/wp\/v2\/posts\/2443\/revisions"}],"predecessor-version":[{"id":2472,"href":"https:\/\/blog.markkirkwood.com\/index.php?rest_route=\/wp\/v2\/posts\/2443\/revisions\/2472"}],"wp:attachment":[{"href":"https:\/\/blog.markkirkwood.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.markkirkwood.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.markkirkwood.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}