The COLA is one of the most interesting mechanisms for United States Social Security beneficiaries. Thanks to the Cost of Living Adjustment, American retirees do not lose purchasing power. It is the fairest and most necessary way to balance the monthly budget.
Thus, by having a monthly Social Security check, it is possible to continue with a more or less good budget. It is true that inflation continues to grow and that affects the pockets of retirees, but thanks to the COLA it is possible to have a little extra money every year.
What is the May 2024 Social Security COLA?
Next May 2024 Social Security’s check will be 3.2% higher than it was in May of the previous year 2023. This means that every $100 we got in the previous year will go to $103.2. Thus, dealing directly with inflation is a little easier.
However, we should also keep several things in mind in this regard. The May check will not be higher than the April 2024 check. The COLA already began to take effect in January of this year. Social Security checks do not increase every month, but every year.
So the check we have collected in previous months is the same check we will collect in May 2024. However, it is true that the payment is 3.2% higher than the previous year’s 2023 payment. So we will not have a smaller check than in previous months.
When do Social Security payments arrive in May?
In the month of May we will have up to 6 different Social Security checks. But not all checks are for all retirees. On the 1st and 31st of the month, the Administration will send out Supplemental Security Income payments. The last of these payments is actually an advance payment of June SSI.
On the other hand, the 3rd, 8th, 15th and 22nd of May will be Social Security benefit payment days. Each of these days has its own set requirements. Likewise, the maximum check for these checks will be $4,873 after applying this year’s COLA.
Both Disability and other retirement payments can arrive on the same day. What makes us able to collect on one day or the other will depend on whether we have a benefit from before or after May 1997. Likewise, the birthday is also key in determining on which day we will have the money available.