(news nation) — Social Security recipients can expect a cost-of-living adjustment (COLA) increase in 2024. Experts estimate the COLA to be about 3.2%, or about $58 per month for the average retiree.
Here’s how to find out early how much money will appear on your check.
See how your benefits increase by creating an account SSA.gov. Once you verify your account, you’ll be able to get an estimate of your retirement benefits and see how your retirement benefits will change depending on your retirement age.
The official announcement of the COLA increase in 2024 is eagerly awaited, but the exact number will not be revealed until October 12, when inflation data for the third quarter of 2023 is released.
Once a COLA is announced, recipients will be notified of the exact adjustment in the Messages tab within the SSA portal.
Recipients can also calculate their benefits themselves by multiplying the increase rate by their current monthly benefit amount.
For example, if a recipient’s average monthly Social Security check is $1,790 and multiplied by 3.2% or 0.032%, the estimated 2024 COLA increases to approximately $1,847.28, an increase of $57.28.
Recipients will be able to see their COLA increase on their monthly checks starting in January 2024.
Checks will be paid on the scheduled Wednesday of each month. The schedule depends on your date of birth and when you started receiving Social Security benefits.
For more information and updates on upcoming COLA increases, beneficiaries are encouraged to visit the Social Security Administration’s official website or contact their local Social Security office.