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  • Last modified 221 days ago (Oct. 18, 2023)

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Pension checks
to increase

People who get Social Security can expect to see their monthly checks increase 3.2% in January.

Some of the increase could be offset, however, by changes in deductions for Medicare coverage.

Social Security and Supplemental Security Income benefits for more than 71 million Americans will increase because of a cost-of-living adjustment.

On average, retirement benefits will increase more than $50 per month.

“This will help millions of people keep up with expenses,” acting Social Security commissioner Kilolo Kijakazi said.

Other adjustments will take effect in January as well.  Earnings subject to Social Security tax will increase from $160,200 to $168,600.

Retirees who have Medicare also will see changes for 2024. They are being notified of those changes in a letter about their new Social Security benefit amount.

Last modified Oct. 18, 2023

 

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