The annual increase in the Social Security COLA may bring by 2024 an increase of $120 for citizens with a benefit in the United States. This increase is the average if we take into account the average benefit in the year 2023.
However, some retirees will get a larger increase while others will get a smaller increase. It will all depend on the actual amount each of these beneficiaries gets. Just knowing what the current Social Security check is is enough to determine what the increase will be next year.
However, we still need to know what the final COLA will be. The Social Security Administration and the United States Government have not yet announced the exact percentage increase in monthly pension payments.
As soon as we know the amount of the COLA for 2024, we will be able to calculate very quickly what our retirement check will be as of January of next year. What will be the pension increase for 2024?
WHEN WILL WE KNOW THE COLA FIGURE AND HOW MUCH WILL IT INCREASE SOCIAL SECURITY?
As of today we can only make an estimate of what the Social Security checkincrease will be for next year 2024. What we do know for sure is that we will not have an increase as large as the one we got in 2023. And the fact is that this increase was a record in the last decades, reaching 8.7%.
According to experts, it is very possible that the final COLA figure for 2024 will be 3%. This would make the checks go up an average of $120, so Social Security beneficiaries will get a good amount of extra dollars.
Still, we have to wait until next October 12. On that day we will be able to know the exact figure for the monthly increase in Social Security checks. After that day we will have to wait until January to see the increase added to our check.
Some retirees will begin to enjoy this increase in benefits earlier. Beneficiaries with a Social Security check prior to 1997 will be able to get the first of the 2024 COLA payments on January 3, 2024.
The rest of the retirees will have to wait until the second, third and fourth Wednesday of that month. What is certain is that they will get the money, that is certain, but they will have to wait for the Social Security Administration to send them the new check.