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Social Security Payments and 2024 COLA Updates
Every New Year, Social Security payments in the U.S. increase thanks to the Cost-of-Living Adjustment (COLA). This boost impacts every check sent by the Social Security Administration (SSA). To understand how this affects you, let’s look at the upcoming changes.
Who gets the 2024 COLA in Social Security?
If you’re eligible for Social Security checks, you’ll benefit from the 2024 COLA. This means if you receive retirement benefits, your August 2024 check will likely be larger than the one from August 2023. The COLA helps maintain your standard of living despite inflation. Read more about the COLA, tax, benefit and earning amounts for 2024.
Cost-of-Living Adjustment (COLA) Information for 2024
Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024.
The 3.2 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI recipients will begin on December 29, 2023. (Note: some people receive both Social Security and SSI benefits)
For 2024, the COLA is set at 3.2%. While not the highest ever, it’s a solid increase to help retirees manage inflation. Supplemental Security Income (SSI) recipients will also see a COLA adjustment, with individual increases varying by recipient.
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Upcoming Social Security Checks with COLA
Before August 2024 ends, the Social Security Administration will issue new checks to U.S. citizens receiving regular benefits. To qualify for these payments, certain requirements must be met.
On the 30th of each month, an advance check from Supplemental Security Income will be issued. If you receive this check, the SSA will process your payment on the same day. Whether you get it immediately depends on whether you have Direct Deposit set up.
Disclaimer: This article is based on information sourced from Tododisca, CNBC . The content reflects details as provided by the original source and is intended for informational purposes only. Please refer to the official website for the most accurate and up-to-date information
