Social Security

Your First Social Security Check Will Increase in 2024

Your First Social Security Check Will Increase in 2024. More money is on the way for Social Security beneficiaries in 2024, including recipients of Social Security Disability Insurance and Supplemental Security Income. This increase is attributed to a 3.2% cost-of-living adjustment (COLA), responding to heightened inflation levels.

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Determining T he COLA

Annually, the Social Security Administration calculates the COLA for Social Security payments 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.

12 Days of Tips

As part of our 12 Days of Tips series, we bring you insights on making the most of your technology, home, and health during the holiday season. In this edition, discover the expected increase in your Social Security checks for the upcoming year.

Social Security Payment Schedule

To help you plan, here’s the Social Security payment schedule and the Social Security Disability Insurance payment schedule.

Projected Increases for 2024

The 2024 COLA increase will boost Social Security payments by 3.2%, resulting in an average monthly increase of over $50. Here’s a breakdown of the average new payments for 2024 across various recipient categories:

Retiree: $58 increase, resulting in a $1,885 check
Worker with disabilities: $47 increase, resulting in a $1,530 check
Senior couple, both receiving benefits: $95 increase, resulting in a $3,067 check
Widow(er): $55 increase, resulting in a $1,759 check
Widow(er) with two children: $113 increase, resulting in a $3,633 check

Implementation and Payment Dates

Starting in January 2024, beneficiaries will observe the COLA increase in their monthly checks. The disbursement dates are as follows:

Birthdays between the 1st and 10th: Payment sent on the second Wednesday of January 2024
Birthdays between the 11th and 20th: Payment sent on the third Wednesday of January 2024
Birthdays between the 21st and 31st: Payment sent on the fourth Wednesday of January 2024

Supplemental Security Income recipients usually receive payments on the first of each month unless it falls on a holiday or weekend, in which case payments will arrive in December 2023. For those who began receiving Social Security benefits before May 1997, payments should arrive on Jan. 3, 2024.

Additional Resources

For more details on how your benefits work, refer to this Social Security cheat sheet. If you are considering applying for Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI), here’s a guide on the application process.

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Conclusion

Social Security COLA increase in 2024 brings welcome financial relief to beneficiaries. With average monthly payments rising across categories, recipients can anticipate a positive impact on their budgets, starting in January. Prepare for a more secure and prosperous new year.