Social Security payments arrive every month to households across the United States. Every new month that begins a new retirement payment schedule starts with it. And to know the exact day when we get the money each month we just need to know how the schedule of such retirement payments works. In addition, it is also good to know that every year there is an increase in SSA payments.
Therefore, this January we may get a larger payment compared to last year’s payments. These payments will have 3.2% of the 2024 COLA added to them. This COLA is calculated from inflation in the third quarter of the previous year. Each year there is a new COLA, although it does not necessarily have to be 3.2%. In 2023 we obtained a COLA of 8.7%, becoming a record.
But we have also found that in some years the COLA has been 0%, as inflation has not been strong enough for the United States government to increase the monthly check for Social Security and all other benefits. With this in mind it is also important to remember that the $59 increase in retirement checks are not for everyone. Every retiree gets a different increase, so don’t expect to always get such a high check.
Who gets the new Social Security check?
The new Social Security payment will arrive next week for United States citizens who have an accepted benefit and qualify. Not all Americans are eligible for this check. So if you want to have the next of days retirement benefit you should look to see if you meet the requirements.
On the one hand, we have a main requirement which is to have retirement since after 1997. This requirement is as mandatory as the other, but it encompasses three different groups. Therefore, the next day’s payment, which will be January 17th, is within this large group, but it has an extra condition. The other condition is to have a birthday between the 11th and 20th of the month.
Just meeting these two requirements is more than enough to get the payment for that day. However, if what we want is to get the Social Security check at the same moment that the Administration sends it, we must activate Direct Deposit. This collection method will provide us with a check for any of the benefits immediately.
How much will my retirement check increase in January 2024?
Each of the Social Security retirement checks will increase differently. Retirees with a $1,000 check, for example, will get $1,032 per month. Keep in mind that payments increase by 3.2%, or $32 for every $1,000 we collect. And this is the same for all retirement categories.
Payments for disability, widowhood or other reasons will also have a new amount starting in January 2024. Supplemental Security Income checks will also increase. This benefit will have a maximum payment of $943 starting in January of this year.
Therefore, we can say that from the first of the January 2024 payments we will get more money from Social Security, but each retiree will have a different check. Just by doing the calculation we will know what the amount will be.