Social Security recipients are getting raises.
More than 71 million Americans will see a 3.2 percent increase in their Social Security checks in 2024. The increase, an average increase of more than $50 per month, will reach some checks on Friday and continue this month and throughout the year.
The increase is a cost-of-living adjustment, and the Social Security Administration says it will help recipients maintain their spending. This is the third year in a row that inflation has driven an increase in benefit payments, but the increases have been large in the past two years, with a historic 8.7% increase in 2023 and 5.9% increase in 2022.
Americans receiving Social Security and Supplemental Security Income (SSI) will see an increase. Someone who receives both Social Security and her SSI will see their cost of living increase based on both benefits.
As of November, the average monthly Social Security benefit was about $1,711 and the average monthly SSI benefit was about $674, according to the Social Security Administration. Cost of living adjustments will add to these amounts.
social security payment calendar
Social Security benefits are paid based on the beneficiary’s date of birth.
for example:
- Beneficiaries born on the 1st and 10th of each month will receive their payment on the second Wednesday of each month. The first cost of living increase will be received in the form of a check on January 10th.
- Recipients born between the 11th and 20th of each month will receive their payment on the third Wednesday of each month. The first cost of living increase will be received in the form of a check on January 17th.
- Recipients born between the 21st and 31st of each month will receive their payment on the fourth Wednesday of each month. The first cost of living increase will be received in the form of a check on January 24th.
SSI benefits are usually paid on the first of the month. However, because January 1 is a federal holiday, the checks were distributed the Friday before. SSI recipients experienced their first cost of living increase on December 29th.
