Social Security is a critical benefit for older Americans, and recipients in Tennessee and across the country will see an increase in their benefits next year.
The 2024 increase is going to help more than 71 million Americans who are currently receiving either Social Security benefits or Supplemental Security Income payments.
Robin Fountain, public affairs specialist for the Social Security Administration, said Social Security retirement benefits are going to increase on average by more than $50 a month, starting in January.
"The purpose of the cost-of-living adjustment or the COLA is to ensure that the purchasing power of Social Security and SSI benefit is not eroded by inflation," Fountain explained. "This increase is going to assist people in keeping up with expenses."
Fountain added the administration will start to notify beneficiaries by mail about their benefit amount in early December. At the beginning of 2023, benefits increased 8.7% to adjust for inflation. It will get a 3.2% boost in 2024.
Fountain emphasized next year, people who start receiving Social Security retirement benefits before reaching their full retirement age while still working will be subject to an earnings limit.
"If they are under their full retirement age, that limit will increase in 2024 to $22,320," Fountain outlined. "If they exceed that amount, we will deduct $1 from benefits for every $2 earned over that $22,320."
Fountain added the earnings limit for people reaching their full retirement age in 2024 will increase to $59,520. She recommended Tennesseans set up a personal My Social Security account online before Nov. 14 to view their COLA notice increase information and access resources.