One of the best things about being able to know ahead of time what the 2024 COLA will be for United States benefits is to calculate the monthly check. In this sense, just by doing a simple math we are going to be able to know what the benefit we will have in the coming year 2024 will be. This is a great advantage over not knowing.
Thanks to the announcement of the COLA 2024 that was made last October 12th we can already know what the check will be in 2024. Social Security checks will have a 3.2% increase. While this increase is not as large as in the current year 2023, an increase for the COLA should always be welcomed.
Considering that inflation has continued to rise but has stalled and is stable, 3.2% could be enough to deal with the increase in prices. In any case, we will have to wait until the end of the year to determine 100% whether this increase is really enough or not.
There is no doubt that raising benefits with the COLA by a percentage is a wise move. If the Social Security Administration were to raise the checks through a flat figure it is possible that the increase would be unfair to many Americans. In this case, everyone gets a proportional increase, giving every American the same level of opportunity.
WHAT WILL THE MAXIMUM SOCIAL SECURITY BENEFIT BE AFTER COLA 2024?
Each and every category within Social Security will have a maximum benefit in 2024. The increase through the COLA is proportional to each check and since each check is different what we have in the end is that each retiree will have a different increase.
If we take into account the two main benefits, the maximum checks will be as follows:
- Social Security Age Retirement: currently the maximum payment is $4,555. Starting next year 2024, thanks to the COLA, the payment will go to $4,700. The increase of almost $150 is a very significant increase.
- Social Security disability: this check will increase from the maximum $3,627 in 2023. Therefore, the figure it will reach in the next year will be $3,743. The total increase in the 2024 COLA will be $116. A slightly smaller increase than in the case of retirement due to age, but also sufficient.
Regardless of the type of benefit we have we will get the COLA. Therefore, if the check is a spousal or widow’s or widower’s check will also have the increase. To calculate the amount we just need to add 3.2% to our current check.
WHAT DO I HAVE TO DO TO GET COST-OF-LIVING-ADJUSTMENT?
Although many Americans wonder what to do to increase their Social Security check through the COLA, the answer is easier than it sounds. And that is that you have to do absolutely nothing to get the Administration to send the first of the 2024 retirement checks with this increased amount.
And this happens with absolutely all payments from the United States that add the COLA each year. Just by having the benefit accepted we will already get the extra money added to that monthly check. So whether it’s Supplemental Security Income, Social Security retirement or disability, we’ll get the extra without having to apply for it.
Also, it is important to keep in mind that until 2024 we will not see the increase in these checks. While it is true that the COLA may appear a little earlier due to the advancement of Supplemental Security Income from January 2024 to December 2023, this is merely a timing irregularity. The payments with the 3.2% added will be those arriving beginning in January of next year.