Social Security tax cut and COLA announcement

FOR IMMEDIATE RELEASE

CONTACT: Dan Domsic, ddomsic@aarp.org, 317-423-7109

October 13, 2023

Older Missourians see financial relief after cost-of-living adjustment increase, state Social Security tax cut

JEFFERSON CITY, Missouri – Older Missourians who count on Social Security will see a healthier bottom line in 2024.

The Social Security Administration (SSA) announced on Oct. 12 that Social Security recipients will see a 3.2 percent increase in their monthly payments next year.

This announcement comes on the heels of Governor Mike Parson signing SB 190 earlier this summer. The law exempts all Social Security Income from the State Personal Income Tax.

“Missourians work hard and pay into Social Security,” AARP Missouri State Director Craig Eichelman said. “This new state law and cost-of-living adjustment (COLA) constitute a strong one-two punch that helps cover costly bills and other essentials.”

AARP Missouri was the only organization that advocated for the Social Security language in SB 190 that makes the tax cut possible.

“After a lifetime of hard work, retired Missourians have earned every cent in their Social Security accounts,” Eichelman said

Starting in January, the average monthly Social Security retirement benefit will rise by $59, from approximately $1,848 to $1,907, according to the SSA. The average disability benefit will increase from $1,489 to $1,537. Read more about COLA.

AARP Missouri staff and volunteers worked diligently during the 2023 Legislative Session in support of SB 190.

“AARP works at all levels of government to ensure the financial security of older Missourians,” Jay Hardenbrook, AARP Missouri legislative director, said. “Our advocacy at the state and federal level aligned to help everyone who counts on Social Security.”

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