A 3.2% cost of living adjustment will affect more than 66 million Social Security beneficiaries starting in 2024, due to inflation. However, those receiving SSI will receive their first increased payment at the end of this year.
Each year, the Social Security Administration determines the cost-of-living adjustment for Social Security benefits. The COLA is based on the percentage increase in the consumer price index for urban wage earners and office workers between the third quarter of the previous year and the third quarter of the current year.
We’ll tell you how much you can expect your Social Security checks to increase next year. To find out more, here is 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?
The COLA increase will result in an increase in Social Security taxes of 3.2%. The Social Security Administration said it would increase average monthly payments by more than $50. Here is the average new payments for 2024, based on beneficiary groups.
Increase in Social Security COLA 2024
| Category | Average monthly increase | Average check amount 2024 |
|---|---|---|
| Retirement | $58 | $1,885 |
| Handicapped worker | $47 | $1,530 |
| Elderly couple, both receiving benefits | $95 | $3,067 |
| Widower) | $55 | $1,759 |
| Widower (widower) with two children | $113 | $3,633 |
When will I see the COLA increase on my Social Security check?
Starting in January 2024, you will notice the COLA increase on your monthly checks. Checks are paid on scheduled Wednesdays each month, so when you receive the increase depends on your date of birth and when you started receiving Social Security benefits.
- If your birthday falls between the first and 10th of the month, your payment will be sent on the second Wednesday in January 2024.
- If your birthday falls between the 11th and 20th of the month, your payment will be sent on the third Wednesday of January 2024.
- If your birthday falls between the 21st and 31st of the month, your payment will be sent on the fourth Wednesday of January 2024.
Payments for Supplemental Security Income recipients typically arrive on the first of each month unless it is a holiday or weekend. And if you received Social Security benefits before May 1997, your payment is expected to arrive on January 3, 2024.
For more details, consult this Social Security checklist which explains how your benefits work. Here’s also how to apply for SSDI and SSI.
#Social #Security #COLA #Increase #Money
Image Source : www.cnet.com