Social Security Benefits Increase by $301 in 2024

In 2024, Social Security Income (SSI) and Social Security Disability Insurance (SSDI) recipients in the U.S. will see a $301 increase in their monthly benefits as part of a 3.2% Cost-of-Living Adjustment (COLA), aimed at helping them cope with rising living costs. Meanwhile, the Social Security System (SSS) in the Philippines is set to update its monthly contribution rates for 2025, which will apply to both local and overseas Filipino workers, enhancing their access to various benefits. Financial planning for retirement remains crucial, as many retirees are advised not to rely solely on Social Security, with varying needs depending on the cost of living in different states. Research shows that $250,000 in savings plus an average Social Security benefit of approximately $1,860 could last significantly longer in states with lower living costs, such as West Virginia, compared to high-cost states like Hawaii. As the financial landscape evolves, individuals are encouraged to explore additional retirement savings options such as Roth IRAs and 401(k) plans. The SSS has confirmed an increase in contribution rates, but final rates are still pending announcement.