Social Security

Cola Increase for Social Security in 2024 | Your Checks Will Be Bigger

Cola Increase for Social Security in 2024 | Your Checks Will Be Bigger. Social Security recipients can anticipate a boost in their payments starting in January 2024, with a 3.2% Cost-of-Living Adjustment (COLA) increase.

This adjustment aims to counteract the impact of high inflation levels, providing beneficiaries with a higher income. Notably, those receiving Supplemental Security Income (SSI) will experience their first enhanced COLA payment in the upcoming month.

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Determining the COLA Increase

The Social Security Administration calculates the COLA each year 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. This adjustment reflects changes in the cost of living.

Social Security Payment Schedule

Understanding the Social Security payment schedule is crucial for recipients. The disbursement of checks occurs on scheduled Wednesdays each month, depending on the recipient’s birth date and when they began receiving Social Security benefits.

If the birthday is between the 1st and 10th of the month, the payment is sent on the second Wednesday of January 2024.
If the birthday is between the 11th and 20th of the month, the payment is sent on the third Wednesday of January 2024.
If the birthday is between the 21st and 31st of the month, the payment is sent on the fourth Wednesday of January 2024.

COLA Increase Details

Average Monthly Increase and Check Amounts for 2024

Retiree: $58 increase, resulting in an average check of $1,885.
Worker with Disabilities: $47 increase, leading to an average check of $1,530.
Senior Couple, Both Receiving Benefits: $95 increase, with an average check of $3,067.
Widow(er): $55 increase, resulting in an average check of $1,759.
Widow(er) with Two Children: $113 increase, leading to an average check of $3,633.

Arrival of COLA Increase

The COLA increase will be noticeable on monthly checks starting in January 2024. For Supplemental Security Income recipients, payments generally arrive on the first of each month, unless it’s a holiday or weekend, in which case payments will arrive in December 2023. Those who started receiving Social Security benefits before May 1997 should expect their payment on Jan. 3, 2024.

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Conclusion

The 2024 Social Security COLA increase brings welcome relief to beneficiaries amid rising living costs. With an average 3.2% rise, recipients can anticipate higher monthly payments, providing essential financial support starting in January 2024.