The increase in Social Security benefits will come for United States beneficiaries starting January 2024. This increase already has an exact figure, so we can easily know what our benefit will be starting next year.
Knowing this, we can organize our household finances more effectively. Although we must be cautious about this, since the increase has not yet arrived. We must wait until the increase arrives to include it in our monthly budget.
If we are not collecting a Social Security check, we could also have some increase thanks to the COLA. Other payments such as Supplemental Security Income or SNAP may increase thanks to this increase.
Since the COLA increase is designed to combat inflation, most of the help payments sent by the federal government or the state have this increase. For next year we will see Social Security checks increase by 3.2%. What will your final check be?
WHAT WILL THE SOCIAL SECURITY INCREASE BE WITH COLA 2024?
Starting in January of next year we will see a final increase in Social Security checks. This increase will be 3.2%, so each citizen will have a different increase. We will not encounter a fixed dollar amount, but a percentage. This percentage will be the same for all Social Security retirement checks.
The maximum for the checks in 2023 is $4,555. This maximum will increase to $4,700 in January of next year. For disability retirement, the maximum will be $3,743, as the current maximum of $3,627 will have the COLA included. The figure for Full Retirement Age retirees will also be the same.
For Supplemental Security Income, the maximum payment of $914 will go to $943 per month. But you don’t have to have the maximum payment to get the COLA. Any Social Security check will see this increase, so even if we have a $150 SSI benefit we will see a 3.2% increase.
HOW CAN I CALCULATE MY RETIREMENT WITH THE INCREASE FOR NEXT YEAR?
Calculating our benefit is very easy. To do so, we just add 3.2% to the check we currently have. That will be the COLA for next year 2024, something that will increase in all benefits.
In this sense, for every $100 of our benefit we will get $103.2. So that will be $3.2 more for every $100 on our check. A payment of $2,000, for example, will become $2,064 per month.
Every $1,000 of benefits will become $1,032. Calculating Social Security checks is really easy and with a calculator we can get it in a matter of seconds. And remember, you don’t need to do anything to get the added COLA.