By Michele Taranto

Social Security 2024 COLA Increase

Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024, the Social Security Administration announced today.  On average, Social Security retirement benefits will increase by more than $50 per month starting in January.

More than 66 million Social Security beneficiaries will see the 3.2 percent cost-of-living adjustment (COLA) beginning in January 2024. Increased payments to approximately 7.5 million people receiving SSI will begin on December 29, 2023.  (Note: some people receive both Social Security and SSI benefits).  

“Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,” said Kilolo Kijakazi, Acting Commissioner of Social Security.

Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600 from $160,200.

Social Security begins notifying people about their new benefit amount by mail starting in early December.  Individuals who have a personal my Social Security account can view their COLA notice online, which is secure, easy, and faster than receiving a letter in the mail.  People can set up text or email alerts when there is a new message--such as their COLA notice--waiting for them in my Social Security.

People will need to have a my Social Security account by November 14 to see their COLA notice online.  To get started, visit www.ssa.gov/myaccount.

Information about Medicare changes for 2024 will be available at www.medicare.gov.  For Social Security beneficiaries enrolled in Medicare, their new 2024 benefit amount will be available in December through the mailed COLA notice and my Social Security’s Message Center.

The Social Security Act provides for how the COLA is calculated.  The Social Security Act ties the annual COLA to the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as determined by the Department of Labor’s Bureau of Labor Statistics.

To learn more, please visit www.ssa.gov/cola.

Free Virtual Caregiving Sessions

AARP is offering four free virtual caregiving sessions in November to mark National Family Caregivers Month. The convenient online sessions will be held on Nov. 2, 9, 16, and 30 (Thursdays), 7 p.m. There will also be an additional session on Nov, 9, at noon. 

The topics included in the sessions will be ‘Essentials of Caregiving,’ ‘Caregiving Financials,’ ‘Medication Literacy,’ ‘The Pillars of Brain Health,’ and ‘Downsizing and Decluttering Your Living Space.’ 

These sessions are open to all but registration is required. To learn more, visit www.aarp,org/caregivingma.

Extending Your Employment Interests

Many seniors are looking to stretch their work lives past ‘traditional’ retirement age. Whether it be for financial reasons, personal interests, boredom, or contribution, older workers can find it challenging to find work with the rapid pace of technology. AARP is there to help.

Finding a Job

AARP hosts a job board designed to match older workers with employers looking to tap into their valuable experience. www.aarp.org/jobs.

Honing Skills

Skills Builder for Work offers a free course to address the technical abilities needed in today’s workplace. www.aarp.org/workskills.

Resume Writing

This service shows employees how their resume can stand out and receives a personal resume review. AARP members also receive discounts on writing packages. www.aarp.org/resume.

Job Search Webinars

AARP offers Learn@50+ that includes customized webinars on topics such as improving interview skills and how to revamp your career. www.learn.aarp.org.

Staying Current

The AARP is busy posting daily information and advice in areas of finding and keeping a job. www.aarp.org.work.

Navigating the Job-Hunting Waters

The AARP Back to Work 50+ program provides training, coaching and other skills needed in the job hunt.

Helping Veterans

The AARP Veterans & Military Spouses Job Center offers information and tools to leverage the experience and skills veterans learned while in uniform. www.aarp.org/vetsjobcenter.