Every new year that begins there is an increase in United States Social Security payments thanks to the COLA. And this increase has an effect on each and every check sent by the Administration. However, in order to know the amounts we can get we need to know all the information about the checks sent by the SSA.
And in the next few weeks thousands of United States citizens will have the chance to get one of the regular Social Security checks. If we are eligible for these checks we will be able to get the 2024 COLA, which makes the payment larger than last year’s 2023. And best of all, we don’t have to do anything in order to get this increased benefit.
Who gets the 2024 COLA in Social Security?
All citizens who are eligible to receive a Social Security check can get the 2024 COLA. So if you routinely get a retirement check you may see that in the month of August 2024 you get a larger check than you did in August 2023. At the end of the day, the COLA is to be able to enjoy a standard of living that is balanced with respect to inflation.
Since inflation in 2023 increased, but not by much, the COLA in this year 2024 is 3.2%. This is certainly not the largest COLA in history, but it is enough for United States retirees to be able to cope with inflation as best they can.
Likewise, we should also note that citizens with a Supplemental Security Income payment can get the COLA in this year. So if you had an SSI payment in 2023 you may have also seen an increase in the amount in 2024. Mind you, each recipient gets a different dollar amount because the COLA increase is a percentage.
Upcoming Social Security checks with the COLA
Before the end of August 2024, the Social Security Administration will send new checks to United States citizens who get a regular benefit. However, certain requirements must be met in order to get these payments.
For one thing, on the 30th day of the month we will have an advance check from Supplemental Security Income. If you have this check accepted, the SSA will send you payment on this day. Whether you get it immediately or not depends on whether you have Direct Deposit activated.
On the other hand, we will have three new retirement payments. Each new payment will be on a different day and for a different group. However, the general requirement for these payments is to have a Social Security check from after May 1997. Thus, on the 14th day, the payment will arrive for retirees with birthdays between the 1st and 10th of the month. Americans with birthdays between the 11th and 20th of the month will get their payment on the 21st. Finally, the August 28th payment will be for retirees with birthdays between the 21st and 31st of any month.
