Across the United States, the annual COLA 2024 increase will mean that recipients of a Social Security check will get extra money starting in January of next year. And while that money may not make a huge difference, it is good news to get it.
In addition to that, we should also always keep in mind that depending on how we use the money, we can take greater advantage of it. We can simply use it as if nothing happened or as if we didn’t get that extra money, but we can go a step further.
Since we didn’t have that money before, maybe we could use it for something else and get something else out of it, whether it’s economic, social or family. Likewise, we can also use it for our own health, but that will depend on each situation.
In any case, each situation is totally individual. Therefore, some beneficiaries may not be able to afford to use those extra dollars for anything other than their daily expenses. Therefore, the COLA 2024 will come and we will use it depending on what we need or we will have some extra advantages.
HOW TO USE THE EXTRA MONEY FROM THE COLA 2024?
If we have already figured out how much extra money we will get with the COLA, we already know that the Social Security money we will get extra every month starting in January will not be very much. Still, any help is not much, so that money can be spent on many different things.
Regardless of our advice, every citizen should use the money as they see fit. But if you didn’t have that money before and now you have extra, you may want to know that there are many ways to use it.
Among them we can think of the following uses:
- Saving money for the future.
- Investing the money in our health.
- Eliminate debts.
- Investing in something safe.
- To make a gift to a relative.
- Donate the money to someone in need.
This is just an example, but what we want to say is that this COLA 2024 money can go somewhere else and do something good for us or for the people around us.
WHEN DOES THE FIRST SOCIAL SECURITY PAYMENT COME WITH THE INCREASE?
Depending on whether or not we have Supplemental Security Income and Direct Deposit activated, we may or may not get the first of the COLA 2024 payments sooner or later. The Administration will send the first of the checks with the increase added on December 29, 2023.
This is because January 1st, which is the first check payment of 2024, is a holiday. For this reason, the Administration will send out the check for this benefit earlier. If we activate Direct Deposit, we will receive this payment on the 29th of December.
Apart from that, the first check after that will be on the 3rd day of January 2024. This payment will follow the usual schedule. Similarly, the payments after that will be on the 2nd, 3rd and 4th Wednesday of January.