More than 66 million Social Security recipients can anticipate a 3.2% COLA in their benefits in 2024 as a result of rising inflation.
This is good news for those who depend on Social Security to make ends meet and keep up with the increasing cost of living.
How Social Security Benefits Are Adjusted
Additionally, Supplemental Security Income (SSI) recipients won’t have to wait until 2024; they will receive their first boosted payment by the end of this year, offering some relief to the most vulnerable in our society.
Each year, the Social Security Administration calculates the COLA based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers from the third quarter of the previous year to the third quarter of the current year. The 3.2% COLA for 2024 is a direct response to the rising cost of living across the nation.
So, how will this COLA increase affect your Social Security payment? On average, this adjustment will raise monthly payments by more than $50, making a significant difference for beneficiaries.
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COLA Adjustment for Rising Expenses
The exact amount you receive depends on various factors, but the COLA increase is designed to help you keep pace with rising expenses.
When will you see this increase reflected in your Social Security check? Starting in January 2024, the COLA increase will be applied to your monthly checks. The day of the week you receive your payment depends on your birth date and when you began receiving Social Security benefits.
- If your birthday falls between the first and 10th of the month, you can expect your payment on the second Wednesday of January 2024.
- For those with birthdays between the 11th and 20th of the month, your payment will arrive on the third Wednesday of January 2024.
- If your birthday falls between the 21st and 31st of the month, you’ll receive your payment on the fourth Wednesday of January 2024.
It’s important to note that SSI payments typically arrive on the first of each month, with exceptions for holidays or weekends. If you’ve been receiving Social Security benefits since before May 1997, you should see your payment on January 3, 2024.
For more information and to understand how your benefits work, you can refer to the Social Security cheat sheet provided by the administration. It offers valuable insights into your Social Security benefits and how they can support you.
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