Anticipate Increased Social Security COLA Bringing More Money in 2024

Anticipate-Increased-Social-Security-COLA-Bringing-More-Money-In-2024

In 2024, over 66 million Social Security Income recipients will see a 3.2% cost-of-living adjustment increase, providing a boost in payments. 

With inflation on the rise, this adjustment is expected to be reflected in the first increased payments for those receiving SSI by the end of this year.

Annually, the Social Security Administration calculates the cost-of-living adjustment 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.

Social Security COLA Increase in 2024

The Social Security Administration reports that the COLA increase will result in an average monthly payment increase of more than $50, or a 3.2% increase in Social Security benefits. 

The average payments for 2024, broken down by recipient group, are shown here.

Category                                     Average Monthly Increase       Average 2024 Check Amount

Retired                                                   $58                                                      $1,885

Employee with a disability                 $47                                                       $1,530

elderly couple                                        $95                                                       $3,067

Widow(er)                                              $55                                                        $1,759

Two-child widow(er)                            $113                                                       $3,633

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When the Social Security COLA Increase Hits Your Check?

Anticipate-Increased-Social-Security-COLA-Bringing-More-Money-In-2024
In 2024, over 66 million Social Security Income recipients will see a 3.2% cost-of-living adjustment increase, providing a boost in payments.

Starting in January 2024, Social Security recipients can expect a noticeable increase in their monthly checks due to the Cost-of-Living Adjustment (COLA). 

The specific timing of the increase will vary based on the recipient’s birth date and the date they began receiving Social Security benefits.

  • Your payment will be issued on the second Wednesday of January 2024 if your birthday falls within the first and the tenth of the month.
  • Your payment will be issued on the third Wednesday of January 2024 if your birthday falls between the eleventh and twentieth of the month.
  • Your payment will be issued on the fourth Wednesday of January 2024 if your birthday falls anywhere between the 21st and the 31st of the month.

With the exception of weekends and holidays, recipients of Supplemental Security Income should anticipate receiving their payments on the first of each month. The payment will be received on January 3, 2024, for individuals who were receiving Social Security benefits prior to May 1997.

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