Social Security Payments to Increase by 3.2% in 2024; Some Retirees to Receive Benefits Early

Inflation triggers increase in benefits, with some retirees receiving supplemental security income payments as early as December 29, 2023.

Social Security and supplemental security income (SSI) benefits for more than 71 million Americans will increase by 3.2 percent in 2024 due to a rise in inflation.
Some retirees, about 7.5 million people, will see SSI payments come in earlier, starting on December 29, 2023.
The first of two December SSI payments, worth up to $914 for individual filers, will be disbursed on December 1, 2023.
The maximum amount of each Social Security payment varies based on the age at which a person retires, with those who retire at 70 receiving up to $4,555 per month.
The long-term future of Social Security is still uncertain due to the risk of insolvency, which analysts predict could happen as early as 2034.