In just a few days we are going to know what the exact figure will be for the COLA 2024. So all beneficiaries in the United States will be able to know very soon what will be the amount that will increase in each of their benefits. In this regard, all Social Security checks will go up, so all Americans have an interest in the COLA.
If we have a Social Security benefit, regardless of the amount, as of January 2024 the number will be higher. This is thanks to the Cost of Living Adjustment that will be announced very soon. And best of all, this increase is forever, so we will never have a lower check again.
Aside from this, it is also good to keep in mind that not only recipients of an Age Retirement Benefit will see this increase. Citizens with a disability benefit will also have the increase thanks to the COLA. Likewise, Supplemental Security Income recipients will also get these extra dollars.
Keeping in mind that we don’t have the exact number of the increase yet, but we do have some reliable forecasts, we can estimate what the check will roughly be for next year 2024. Do you already know how much your Social Security benefit will increase through the COLA 2024?
WHAT WILL THE 2024 SOCIAL SECURITY PAYMENTS LOOK LIKE AFTER THE COLA?
Each Social Security category has a maximum benefit. For example, the largest check after applying the 2023 COLA is $4,555. This check is the general check for retirees with a Social Security benefit, i.e., age retirees who get the maximum check.
Since each beneficiary has a totally individual payment, each increase will be totally individual. With this in mind we can look at an average of the next checks in 2024 applying the 3.2% COLA, which is the forecast made by most experts. These will likely be the Social Security payments as of January 2024:
- Maximum Social Security retirement check: $4,700.
- Maximum Social Security Disability Insurance (SSDI) payment: $3,746.
- Maximum Supplemental Security Income payment: $943.
Remember that these figures are approximate and we do not yet have a final COLA amount. So to make an estimate you should simply add 3.2% to your current Social Security check, whether it is $1,000 or $3,200.
Since the increase is by a percentage, all Americans get proportionally the same amount of money, making it a fair system for everyone.