In October, the Social Security Administration (SSA) announced that the cost of living adjustment (COLA) for 2024 will be 3.2%.
COLA is calculated annually based on changes in the consumer price index for urban salaried workers and government employees. Objective inflation does not affect the purchasing power of beneficiaries.
This percentage, 3.2%, is added to your Social Security (retirees, survivors, SSDI) and Supplemental Security Income (SSI) payments to provide financial support for the coming year. Some beneficiaries will receive about $59 more per month.
Social Security: Who gets the extra $59 a month?
The average amount paid by everyone this year is retired worker The monthly fee was $1,848. In 2024, it increases to $1,907 per month, a 3.2% increase.
On the other hand, the average payment amount is senior coupleif both benefit, An increase of $94 from $2,939 to $3,033.average benefit A surviving spouse with two children will see an increase of $113, from $3,540 to $3,653.
average payment amount Single Elderly Surviving Spouse will see an increase in $55, from $1,718 to $1,773.Average check items Workers with disabilities, their spouses, and one or more children Price increases by $84 from From $2,636 to $2,720.
Finally, the average benefit for all disabled workers would increase by $48, from $1,489 to $1,537. S.S.A..
for Supplemental Securities Income (SSI) benefits; The standard federal payment will be $29 more than before. Individual $914 – $943while couples see an increase of $44; $1,371 to $1,415 for couples.
You may be interested in: Here are the most important changes to Social Security for 2024
When will my increased payments start?
For the first time, the COLA applies to Social Security and Supplemental Security Income (SSI) payments that: January 2024.
January 1, 2024 is a public holiday, so The first increased SSI payments have been brought forward and will be sent starting Friday, December 29, 2023..of The remainder of the first increased Social Security payment It will be shipped according to the following schedule.
- Wednesday, January 3rd: Benefits for those who started paying before May 1997
- Wednesday the 10th: Payment to beneficiaries whose date of birth is between the 1st and 10th
- Wednesday the 17th: Payment to beneficiaries whose date of birth is between the 11th and 20th
- Wednesday the 24th: Payment to recipients whose date of birth is between the 21st and 31st
If you want to know the exact payment date for your Social Security benefits next year, see Social Security: What is the full payment schedule for 2024?