Social Security benefits and Supplemental Security Income (SSI) payments for more than 71 million Americans will increase by 3.2% in 2024. This is the annual cost-of-living adjustment (COLA) and is based on the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers from the third quarter of 2022 through the third quarter of 2023. The increase will begin with benefits that Social Security beneficiaries receive in January 2024, while increased SSI payments will begin with the December 29, 2023 payment. Social Security COLA notices will be available online to most beneficiaries in the message center of their my Social Security account in December 2023. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600.