How to Secure a 3.2% Social Security Increase in 2024. The official announcement for the 2024 COLA (Cost of Living Adjustment) has brought great news for Social Security beneficiaries.
How to Secure a 3.2% Social Security Increase in 2024
Regardless of your benefit type, you can anticipate a 3.2% increase in your Social Security checks, effective from January 2024.
[irp]Understanding the Impact of the COLA Increase
The COLA 2024 announcement applies to all Social Security beneficiaries in the United States. This increase is designed to provide retirees and disability benefit recipients with enhanced purchasing power to counteract rising prices and recent high inflation. While the 3.2% increase isn’t as steep as in 2023, it still serves to bolster financial stability for recipients.
Key Details for Beneficiaries
To fully appreciate the benefits of this increase, it’s essential to understand the details of how it works and what you need to do to ensure you receive it.
[irp]Steps to Follow in Order to Obtain the Social Security Increase
The process for receiving the COLA increase is largely automated, making it relatively hassle-free for beneficiaries. However, there are some crucial points to keep in mind.
1. Determine Your Payment Schedule
The first step is to ascertain when you will receive the initial COLA payments. While the increase percentage is fixed at 3.2%, the exact amount of these checks can only be determined once the first one is received. The timing of your payment depends on your specific situation.
2. Payment Schedules
- Supplemental Security Income (SSI) Recipients: If you receive SSI, your first COLA-enhanced payment is expected to arrive in 2023. The Social Security Administration will disburse these payments in advance on December 29th, with direct deposit recipients receiving their funds on the same day.
- Pre-1997 Retirees: Retirees in this group can anticipate their first Social Security Administration (SSA) payment with the COLA increase on January 3.
- Post-1997 Retirees: Post-1997 retirees will receive their COLA-enhanced payments on different days in January, contingent on their birthdate. The disbursement dates will fall on the 10th, 17th, and 24th of January, depending on individual birthdays.
3. Calculating Your Total Amount
To estimate your final check, you can add 3.2% to your existing total. This calculation will give you a rough idea of the Social Security benefits you can expect in 2024.
Conclusion
Securing the 3.2% Social Security increase in 2024 is a relatively straightforward process, primarily consisting of being aware of your payment schedule and ensuring your details are up to date. The COLA is an automated adjustment, designed to provide beneficiaries with added financial security in the face of rising living costs.
