After recording a record 8.7% increase in monthly payments for Social Security recipients this year, we did not expect to see a significant increase next year. However, in 2024, beneficiaries can expect the cost of living to adjust again to offset inflation as prices rise. 8% (average) increase in 2022.
Each year, the Social Security Administration determines the cost of living adjustment for Social Security payments. Adjustment is CPI for Salaried Workers and Office Workers in Urban Areas From the third quarter of the previous year to the third quarter of this year. If there is an increase (which is still increasing after 2022), the Social Security Administration can raise his COLA.get a clear answer October 12th.
We’ll let you know how much your Social Security checks are expected to go up next year. For more information, see Social Security Payment Schedule and Social Security Disability Insurance Payment Schedule.
How much will my Social Security payments be due to the 2024 COLA increase?
The COLA hike is now expected to increase social security payments by 3%. Here are the expected average new payments in 2024 based on payee group:
Social Security COLA Increase 2024
|Category||Monthly average growth rate||Average check value in 2024|
|A senior couple who both receive benefits||$89||$3,061|
|widow with two children||$106||$3,626|
because Increased COLA for social security payments is determined by the inflation rate from Q3 2022 to Q3 2023, but the official figure for 2024 will not be set by the Social Security Administration until mid-October.
When will I see an increase in COLA on my social security checks?
Starting January 2024, you will notice an increase in COLA on your monthly checks. Your check will be paid on the scheduled Wednesday of each month, so when it increases depends on your date of birth and when you started receiving Social Security benefits.
- If your birthday falls between the 1st and 10th of each month, your payment will be sent on the 2nd Wednesday of January 2024.
- If your birthday falls between the 11th and 20th of each month, your payment will be shipped on the 3rd Wednesday of January 2024.
- If your birthday falls between the 21st and 31st of the month, your payment will be sent on the 4th Wednesday of January 2024.
Payments to recipients of Additional Coverage Income will generally arrive on the 1st of each month, excluding holidays and weekends. Also, if he received Social Security benefits before May 1997, the payment should arrive on January 3, 2024.
For more information, check out this Social Security Cheat Sheet that explains how benefits work. We will also introduce how to apply for SSDI and SSI.