The COLA announcement is one of the most important dates for retirees in the United States. While it is true that we don’t always get the same amount through the COLA, getting a raise, no matter how small, is always welcome.
For that reason all Americans with a Social Security or SNAP Food Stamps payment are always on the lookout for the COLA announcement. In this year 2023 the announcement was made last October 12. The final figure given by the Social Security Administration is 3.2%.
So, this means that starting with the first of the January 2024 payments we will find ourselves with a 3.2% increase in each of the checks that Social Security will send out. This is good news in the sense that each month we will get extra money that we are not getting this year.
Some Americans are wondering if this figure could change. And it is normal, since the announcement is made up to 3 months before the year 2024 starts. And in these months many things could change, for that reason some want to know if the COLA could increase or decrease before the end of the year.
COULD THE COLA FIGURE CHANGE AFTER THE ANNOUNCEMENT?
The definitive answer to this question is quite simple: no, it is not possible. Once the Social Security Administration and the United States Government release the official COLA figure for the coming year, this figure does not change.
So we will have to settle for just a 3.2% increase starting in January 2024. Still, we could see an exceptional situation in the event that inflation rises suddenly and sharply over the past few months.
In that case, the government could consider another different COLA increase, but for the time being the announcement is firm and we should start the following year with this increase only.
WHEN WILL THE COST OF LIVING ADJUSTMENT ARRIVE?
The first of the Social Security payments that will carry the added COLA will be the January Supplemental Security Income. This payment will not arrive in 2024, but in 2023 for thousands of Americans. Those who activate Direct Deposit will enjoy the Cost of Living Adjustment a little earlier.
After that payment, Social Security calendar dates will return to normal. January 3, 2024 will be for pre-1997 retirees. The following Wednesdays, the second, third and fourth of the same month, will be for post-1997 retirees.
Be that as it may, the January Social Security check will already have the COLA included. So from then on you may find a 3.2% increase in your regular benefit. In the case of collecting a payment of $1,400 per month the check will go to $1,444 per month.