The distribution of Social Security benefits for 2024, which include Supplemental Security Income and Disability Insurance, has started. Recipients could anticipate a 3.2% rise in their monthly payments beginning with the January payment.
An annual cost-of-living adjustment is computed by the Social Security Administration for Social Security benefits. The Consumer Price Index for Urban Wage Earners and Clerical Workers’ percentage rise is used to calculate this adjustment, often known as COLA. The difference between the third quarters of the prior and current years serves as the basis for the computation.
What to anticipate from your Social Security benefits this year is listed below. For additional information, consult the Social Security payment schedule and the Social Security Disability Insurance payment schedule. Find out if you must file a tax return this year if you are a Social Security beneficiary as well.
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How much will my Social Security payment be with the 2024 COLA increase?
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Social Security benefits will rise by 3.2% as a result of the COLA hike. The Social Security Administration estimates that this boost will result in a payment increase of more than $50 on average each month. View the updated average payouts for 2024 based on various recipient categories.
Social Security COLA increase 2024
|Average monthly increase
|Average 2024 check amount
|Worker with disabilities
|Senior couple, both receiving benefits
|Widow(er) with two children
When will I see the COLA increase in my Social Security check?
The COLA rise will appear in your monthly checks starting in January 2024. The date of your birth and the day you first began receiving Social Security benefits will determine when you receive your first boosted check, which is delivered on prearranged Wednesdays every month.
- If your birthday falls between the first and 10th of the month, your payment will be sent out on the second Wednesday of January 2024.
- If your birthday falls between the 11th and 20th of the month, your payment will be sent out on the third Wednesday of January 2024.
- If your birthday falls between the 21st and 31st of the month, your payment will be sent out on the fourth Wednesday of January 2024.
Except on weekends and holidays, recipients of Supplemental Security Income normally get their checks on the first of each month. As a result, the funds were received on schedule for December 2023.On January 3, 2024, payments for those who have been receiving Social Security benefits from May 1997 or before should have been received.
This useful cheat sheet might help you understand more about how your Social Security benefits are calculated. It gives you all the knowledge and details you require to comprehend the procedure. Additionally, we offer a comprehensive guide that will help you through the application process if you’re interested in applying for SSI or SSDI.