In 2024, You Can Expect More Money with the Increase in Social Security COLA
Attention all Social Security beneficiaries! Starting in 2024, you can expect a boost in your payments. With inflation on the rise, over 66 million Social Security Income recipients will receive a 3.2% cost-of-living adjustment increase. This means that those who receive SSI can expect their first increased payment by the end of this year. Make sure to keep an eye out for the extra funds coming your way!
Every year, Social Security Administration calculates the cost-of-living adjustment for Social Security payments. This adjustment is determined by the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers from the third quarter of the prior year to the third quarter of the current year.
Discover how much your Social Security payments will increase next year by referring to the Social Security payment schedule and the Social Security Disability Insurance payment schedule.
How much will my Social Security payment be with the 2024 COLA increase?
According to the Social Security Administration, the average monthly payments will increase by over $50 due to the COLA increase, which amounts to a 3.2% raise in Social Security payments. Here are the average payments for 2024 based on different recipient groups.
Social Security COLA increase 2024
| Category | Average monthly increase | Average 2024 check amount |
|---|---|---|
| Retiree | $58 | $1,885 |
| Worker with disabilities | $47 | $1,530 |
| Senior couple, both receiving benefits | $95 | $3,067 |
| Widow(er) | $55 | $1,759 |
| Widow(er) with two children | $113 | $3,633 |
When will I see the COLA increase in my Social Security check?
In just a few years, come January 2024, the monthly checks that you receive will reflect a noticeable increase due to the COLA. The exact timing of when you will receive the increase on your scheduled Wednesday each month, however, will depend on your birth date and the date on which you began receiving Social Security benefits.
-
- If your birthday falls between the first and 10th of the month, your payment will be sent out on the second Wednesday of January 2024.
- If your birthday falls between the 11th and 20th of the month, your payment will be sent out on the third Wednesday of January 2024.
- If your birthday falls between the 21st and 31st of the month, your payment will be sent out on the fourth Wednesday of January 2024.
Supplemental Security Income recipients can expect to receive their payments on the first of every month, except for weekends and holidays. For those who have received Social Security benefits prior to May 1997, the payment will be received on Jan. 3, 2024.
More News:
