October 2023: 

The MLO Minute: “2024 SSA Cost-of-Living Adjustment (COLA)” 

By Kelly C. Hayes, Attorney in The Estates and Trusts Department — 

The Social Security Administration recently issued the 2024 Cost-of-Living Adjustment (COLA).  Social Security and Supplemental Security (SSI) beneficiaries will receive a 3.2% COLA for 2024.  COLA notices are typically mailed out to retirement, survivors and disability beneficiaries, SSI recipients and representative payees throughout the month of December.  If you establish a personal “my social security” account on or before November 14, 2023, you will be able to view COLA notices online.

Individuals receiving SSI benefits will see an increase of their monthly benefit to $943.00 per month (the benefit is currently $914/month).  In general, in order to be eligible for Social Security Disability benefits, an adult must be unable to engage in Substantial Gainful Activity (SGA).  A person who is earning more than a certain gross monthly amount is considered to be engaging in substantial gainful activity.  The Social Security Administration has also adjusted the SGA threshold for 2024 to $1550 per month (the SGA threshold is currently $1,470/month).

For more information on all 2024 COLA see Social Security’s 2024 COLA Fact Sheet: https://www.ssa.gov/news/press/factsheets/colafacts2024.pdf 

Please do not hesitate to reach out to our Estate Planning Department if you have any questions by clicking here or by calling 610-648-9300.