In a few days, the 72 million Social Security recipients in the country will see an increase in their monthly benefits.
The cost-of-living adjustment, or COLA, for 2024 is scheduled to be a 3. 2% bump — the smallest increase in three years. This is due to the fact that the Social Security Administration uses the rapidly declining inflation rate as the basis for its annual adjustment.
By comparison, recipients in 2023 received a historic 8. 7% increase to keep up with the highest rate of inflation in four decades
The Social Security Administration states that although the December benefits will be affected by the new COLA increase, the majority of recipients will receive those payments in January. The agency stated that as a result of the increase, the average benefit check will rise by $49 to $1,907 from this year’s $1,858.
Is Social Security getting a 200 raise?
No, the information you may have seen about a $200 increase in Social Security benefits is not accurate. While there was a 3.2% cost-of-living adjustment (COLA) in 2024, this translates to an average increase of $50 per month, not $200. It’s important to rely on official sources like the Social Security Administration (SSA) website for accurate information.
Here’s what you need to know about the 2024 Social Security COLA:
- Increase amount: 3.2%
- Average monthly increase: $50
- Effective date: January 2024
- Who is eligible: All Social Security beneficiaries, including retirees, survivors, and people with disabilities
How the COLA is calculated:
The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures inflation. When the CPI-W rises, the COLA increases to help beneficiaries maintain their purchasing power.
How to find your new benefit amount:
- Online: Create a my Social Security account or log in to your existing account. You can access your COLA notice in the Message Center starting in early December.
- Mail: You will receive a mailed COLA notice in December.
- Phone: You can call the SSA at 1-800-772-1213 to inquire about your new benefit amount.
Additional information:
- The COLA is not a one-time payment. It is an ongoing increase that will be reflected in your monthly benefit payments starting in January 2024.
- The COLA also affects other Social Security programs, such as Supplemental Security Income (SSI).
- You can learn more about the 2024 COLA on the SSA website: https://www.ssa.gov/news/press/releases/2023/#101223
Frequently Asked Questions:
- When will the next COLA be announced?
The next COLA will be announced in October 2024. - How much will the next COLA be?
The amount of the next COLA will depend on the inflation rate for the past year. - Can I opt out of receiving the COLA notice by mail?
Yes, you can opt out of receiving the mailed COLA notice by logging into your my Social Security account and changing your preferences in the Message Center. - Where can I find more information about the COLA?
You can find more information about the COLA on the SSA website: https://www.ssa.gov/cola/
COLA 2024: Social Security payment dates
The new COLA will go into effect in January for most Social Security recipients, with the notable exception of Supplemental Security Income (SSI) recipients, who will receive their payments early this year, according to the agencys calendar.
- Dec. 29, 2023: The benefits hike for the nations 7. 5 million SSI recipients will begin on this day. Since January 1 is a holiday, SSI recipients will receive their payments on the Friday prior to January 1. Normally, SSI payments are made on the first of each month.
- Jan. 3, 2024: The new COLA will be paid in a December benefit if you began receiving Social Security benefits prior to May 1997, or if you receive both Social Security and SSI benefits. check for January 29, 2023, and your Social Security benefit on January 3
- Jan. 10, 2024: You will receive your first benefit check with the new COLA if your birthday falls between the first and the tenth day of the month of your birth. For example, on June 1st, your birthday, you will be paid on that day.
- Jan. 17, 2024: This day will receive your higher payment if your birthday falls between the eleventh and twentieth day of the month of your birth.
- Jan. 24, 2024: Your benefit check will reflect the new COLA on this day if your birthday falls between the 21st and the 31st of the month of your birth.
How much will I get in my check?
That is dependent upon your present benefit level, which is determined by your working-related earnings as well as other variables like the age at which you initially filed for Social Security. Nevertheless, the overall boost should be 3. 2% higher than your December check.
But in early December, Social Security started notifying beneficiaries through letters of their revised benefit amount. Individuals with a mySocialSecurity account can access their letter online by logging in.
Recipients need to have signed up for mySocialSecurity prior to November 14 to be able to see their COLA notice on the site, the agency said.