In an unprecedented move, the Social Security Administration says beneficiaries across the United States will see significantly larger pension checks through 2024 due to cost-of-living adjustments (COLA). This improvement has been implemented systematically this year, resulting in increasingly larger checks for beneficiaries.
This tax improvement would be particularly beneficial to American retirees who rely solely on these checks as their primary source of income. 2023 is notable in this regard, with COLAs reaching a record 8.7% and Social Security check caps increasing from $4,555 to $4,873 per month. Therefore, the next pension payment will be up to $318 more than the previous December payment.
At the start of 2024, the COLA increases by 3.2%, raising the Social Security retirement benefit maximum to approximately $4,873. This is a significant increase from $4,555 in 2023.
The additional $318 is earmarked for retirees at the highest benefit level, but all Social Security contributions increase by 3.2 percent. Other services, such as other benefits such as Supplemental Security Income, also increased with Coke.
Social Security Payment Schedule for January 2024
Social Security Administration payments are spread over several days. Beneficiaries can receive their checks on any of these days. In total, the government will send up to five different checks in January. Each check is targeted at a different group of retirees.
These are the January paydays:
- January 1st. Since January falls as a holiday, the additional social security benefits for January were paid to beneficiaries on December 29.
- January 3rd. Beneficiaries who had a Social Security check before 1997 will receive this benefit.
- 10. January. Payments for pensioners whose birthdays fall between the 1st and 10th of each month after 1997.
- January 17th. To receive this payment, a birthday must be between 11 and 20 years old and a Social Security check must be presented from after 1997.
- January 24th. Last paycheck of the month. Pensioners born after 1997 whose birthdays fall between January 21 and 31 will receive this date.
With this information, you can find the exact date the government will send you your January paycheck.