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Social Security COLA Increase: Your Monthly Payments Are Increasing in 2024 - CNET

  

Category:  News & Politics

Via:  evilone  •  9 months ago  •  4 comments

By:   CNET

Social Security COLA Increase: Your Monthly Payments Are Increasing in 2024 - CNET
The Social Security Administration just announced how much more you'll get each month, starting in January 2024.

S E E D E D   C O N T E N T


The Social Security Administration just announced how much more you'll get each month, starting in January 2024.

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Katie Teague Oct. 12, 2023 10:57 a.m. PT2 min read
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The Social Security Administration set the final COLA for 2024 on Oct. 12, 2023.

Zooey Liao/CNET

If you receive Social Security, you'll see another significant boost on your checks next year due to inflation. The Social Security Administration announced Thursday that more than 66 million Social Security beneficiaries will see a 3.2% cost-of-living adjustment, beginning in January 2024. Those who receive SSI will get their first boosted payment in December.

Each year, the Social Security Administration determines the cost-of-living adjustment for Social Security payments. The COLA is 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.

We'll tell you how much to expect your Social Security checks to increase next year. For more, here's 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 raise Social Security payments by 3.2%. The Social Security Administration said that would raise the average monthly payments by more than $50. Here are the average new payments for 2024, based on 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?

Starting in January 2024, you'll notice the COLA increase on your monthly checks. Checks are disbursed on scheduled Wednesdays each month, so when you get the increase depends on your birth date 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 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.

Payments for Supplemental Security Income recipients generally arrive on the first of each month, unless it's a holiday or weekend. And if you've received Social Security benefits before May 1997, your payment should arrive on Jan. 3, 2024.

For more details, check out this Social Security cheat sheet that tells you how your benefits work. Also, here's how to apply for SSDI and SSI.


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evilone
Professor Guide
1  seeder  evilone    9 months ago

As you all know this also applies to VA Disability. It's not much, but I've seen lower. Now if I can get a 3.2% raise at work...

 
 
 
Snuffy
Professor Participates
2  Snuffy    9 months ago

And a 6% increase in Medicare Part B, from $164.90 to $174.70 which is an increase of $9.80 per month. 

 
 
 
evilone
Professor Guide
2.1  seeder  evilone  replied to  Snuffy @2    9 months ago

I was just going to post that. 

 
 
 
Sparty On
Professor Principal
3  Sparty On    9 months ago

Interesting, since inflation is currently at 3.7% and climbing

 
 

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