Social Security COLA Increase 2024: Here's How Much Monthly Checks Will Rise - CNET

1 week ago 27

With high prices of goods and services expanding the inflation rate, Social Security recipients volition spot different important boost successful their checks starting successful January. The latest ostentation numbers from August indicate that the cost-of-living-adjustment (or COLA for short) for Social Security volition beryllium 3.2%, per the Senior Citizens League.

Each year, the Social Security Administration determines the outgo of surviving accommodation for Social Security payments. The COLA is based connected the percent summation successful the Consumer Price Index for Urban Wage Earners and Clerical Workers from the 3rd 4th of the erstwhile twelvemonth to the 3rd 4th of the existent year. 

If there's been a yearly CPI summation (and determination has been since 2022), the Social Security Administration volition rise payments by the COLA. We'll person a definite reply of the nonstop magnitude of the 2024 Social Security COLA connected Oct. 12, erstwhile the last ostentation numbers of the 3rd 4th of 2023 are released.

We'll archer you however overmuch to expect your Social Security checks to summation adjacent year. For more, here's the Social Security outgo schedule and the Social Security Disability Insurance outgo schedule.

How overmuch volition my Social Security outgo beryllium with the 2024 COLA increase?

The COLA summation is presently expected to rise Social Security payments by 3.2%. Here are the expected mean caller payments for 2024, based connected recipient groups.

Social Security COLA summation 2024

CategoryAverage monthly increaseAverage 2024 cheque amountRetiree Worker with disabilities Senior couple, some receiving benefits Widow(er) Widow(er) with 2 children

Because the COLA summation for Social Security payments is determined by ostentation betwixt the 3rd 4th of 2022 and the 3rd 4th of 2023, the authoritative fig for 2024 won't beryllium acceptable by the Social Security Administration until mid-October.

When volition I spot the COLA summation successful my Social Security check?

Starting successful January 2024, you'll announcement the COLA summation connected your monthly checks. Checks are disbursed connected scheduled Wednesdays each month, truthful erstwhile you get the summation depends connected your commencement day and erstwhile you started receiving Social Security benefits.

  • If your day falls betwixt the archetypal and 10th of the month, your outgo volition beryllium sent retired connected the 2nd Wednesday of January 2024.
  • If your day falls betwixt the 11th and 20th of the month, your outgo volition beryllium sent retired connected the 3rd Wednesday of January 2024.
  • If your day falls betwixt the 21st and 31st of the month, your outgo volition beryllium sent retired connected the 4th Wednesday of January 2024.

Payments for Supplemental Security Income recipients mostly get connected the archetypal of each month, unless it's a vacation oregon weekend. And if you've received Social Security benefits earlier May 1997, your outgo should get connected Jan. 3, 2024.

For much details, cheque retired this Social Security cheat sheet that tells you however your benefits work. Also, here's how to use for SSDI and SSI.

Read Entire Article