According to the Social Security Administration, the Cost-of-Living Adjustment (COLA) for Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase by 3.2% in 2024. This means that the 3.2% COLA will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024, and increased payments to approximately 7.5 million SSI recipients will begin on December 29, 2023. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will also increase to $168,600. Social Security COLA notices will be available online to most beneficiaries in the Message Center of their my Social Security account in December 2023.