Published on November 16, 2023, 9:41 pm

Boost In Social Security Checks For 2024: What You Need To Know

Next Year’s Social Security Checks Set to Increase: What You Need to Know

If you’re a Social Security beneficiary, here’s some good news for you: starting next year, your monthly checks will be getting a boost. The Social Security Administration recently announced the final COLA (Cost-of-Living Adjustment) for 2024, and it’s set at 3.2%. This increase is aimed at addressing the rising inflation and ensuring that beneficiaries can keep up with the cost of living.

The COLA is determined based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers from the previous year’s third quarter to the current year’s third quarter. In this case, it resulted in a 3.2% adjustment.

With over 66 million Social Security Income recipients in line for this adjustment, the average monthly payments are expected to rise by more than $50. The exact amount each individual can expect depends on their situation and eligibility criteria. However, regardless of the specific increase you receive, you’ll start noticing it on your checks beginning in January 2024.

It’s worth noting that payment dates may vary depending on when you started receiving Social Security benefits and your birth date. Generally, checks are disbursed on scheduled Wednesdays each month. For Supplemental Security Income (SSI) recipients, payments usually arrive on the first of each month unless it falls on a weekend or holiday. If you’ve been receiving benefits before May 1997, your payment should arrive on January 3, 2024.

This adjustment aims to provide essential financial support to those who rely on Social Security payments as a primary source of income. It can help alleviate some challenges posed by rising costs of living.

If you want more information about how your benefits work or details about applying for SSDI (Social Security Disability Insurance) and SSI, we recommend checking out comprehensive resources available such as the Social Security cheat sheet. It provides valuable insights into navigating the Social Security system and understanding your entitlements.

As we approach 2024, it’s important to stay informed and prepared for these upcoming changes in Social Security payments. The COLA increase aims to provide stability and support to beneficiaries, reflecting the ongoing commitment of the Social Security Administration to ensuring financial security for retired workers, disabled individuals, and their families.

Share.

Comments are closed.