The SSA which is responsible for all the social security payments and changes will announce some major increases and changes soon in October this year. As every year the COLA is announced in October and this COLA will evaluate the increases and changes to the earnings and thresholds. Also as per other previous years, the same routine is followed and COLA will be announced in October. This means that we will know the Social Security Changes In October 2024. Yes, In mid October we will know the increase in SSI, SSDI or retirement payments and we will know the changes in taxable earnings and income thresholds. This guide will tell you the Changes that will be made in October for social security payments. This will include COLA for upcoming year, COLA computation, SSI, SSDI, Retirement payment increase, Taxable earnings and thresholds changes.
Social Security Changes In October 2024
The COLA which will tell us about the percentage of increase in social security payments. This increase can be determined with the inflation data. The COLA is computed with the third quarter inflation data. The citizens can also compute the COLA by themselves and the computation will be given in this post. This third quarter data include the July, August, September data. US Bureau of Labor Statistics has uploaded the inflation data for July, August. But this September data will be uploaded in October. After getting three inflation data points the COLA can be evaluated for the upcoming year on which every social security payment depends. This guide will tell you the expected changes that can be made in October. This guide is only about Social Security Changes In October 2024. These changes will be effective from the first date of the next year but the calculations can be done in mid October as the three datasets which are required for the calculation will be available. This guide will include the expecting COLA, and changes are on the way for social security claimants.
Social Security Benefits 2024- Overview
| Post Title | Social Security Changes In October 2024 |
| Year | 2024 |
| Country Name | USA |
| Name of the Authority | SSA, US Bureau of Labor Statistics |
| Month | October |
| Social Security Changes | SSI, SSDI, low Income |
| Expected COLA | 2.3% – 2.5% |
| COLA Determination | CPI W For Third Quarter |
| COLA Announcement | Mid – October |
| Post Category | Finance |
| Official Web Page | www.ssa.gov |
COLA Changes In October 2024
The COLA for social security will be determined in October. As the data points which are required for the computation will be available in October. This is expected that next year COLA will range from 2.3% to 2.5%. The COLA will be in between this range as per the researchers and economists. For the calculation of the COLA the following data is required and this is how the COLA can be computed.
| Third Quarter CPI W | 2023 | 2024 |
| July | 299.899 | 308.501 |
| August | 301.551 | 308.640 |
| September | 302.257 | Available in October |
| Total For Third Quarter | 903.707 | ? |
| Average | 301.236 | ? |
COLA Calculation For 2025: ? minus 301.236/ 301.236 * 100 = ?%
Major Increase In Benefits October 2024
- The SSDI Benefits are expected to rise by 2.5%. This means that the current benefit of $3822 will be raised to $4000.
- The SSI Payments which are $943 for single individuals and $1415 for married citizens are expected to be raised at $1000 for single and $1500 for married citizens.
- The Retirement payments which are $4873 for citizens with age 70 Years are expected to raise at $5000.
SSA Changes In Social Security October 2024
- The citizens who are working are required to pay the social security taxes. The maximum taxable earnings limit is provided by social security. This year this limit is $168,600. This limit for the taxable earnings will raised to $1,72,000.
- There are retirement earnings limits for the citizens who are under the retirement age and who are at retirement age. These limits for retirement are expected to rise. For this year these limits are set at $22,320 for under retirement citizens and $59,520 for full retirement citizens.
- The SSDI which is paid to disabled citizens also has some thresholds for the earnings and for the upcoming year these thresholds are expected to increase. For this year these thresholds are $1550 for single individuals and $2590 for married citizens.
FAQ Related To Social Security Changes In October 2024
In mid October the Social security changes are expected in 2024.
These changes will be applicable from the first date of the next year.
These social security changes can be verified with the COLA fact sheet which will be soon provided by SSA.
The COLA Fact sheet can be issued in mid October or after October on SSA Portal.
The increase for the upcoming year will be 2.5%.
