Each and every Social Security beneficiary in the United States, whether disabled, aged or widowed, will be able to enjoy a new increase in their benefit starting in 2024. This increase is due to the Cost of Living Adjustment announced by the government last October.
While it is true that some Americans do not agree with the amount that benefits will increase with the COLA, it is also true that any increase is welcome. Social Security checks will be bigger and that is enough to celebrate, even if it is a small victory.
The benefit increase will take effect in January 2024. This means that checks pertaining to the December calendar will not carry the COLA. Similarly, the remaining Social Security payments in November 2023 will also not have any increase included yet.
We will have to wait until January to see this increase, although some beneficiaries in particular will be able to enjoy an early increase in December 2023. But in order to do so, certain requirements need to be met. do you already know how much your Social Security check will increase with the 2024 COLA?
HOW MUCH WILL SOCIAL SECURITY BENEFITS INCREASE IN 2024?
Each of your Social Security checks will increase differently based on the current figure. This is because the increase works on a percentage basis, i.e., it is not a fixed figure. The COLA percentage for 2024 will be 3.2% across all checks.
Therefore, regardless of the type of benefit we will be able to have that increase in a matter of weeks. The maximum SSA payment is $4,555 in this year 2023, but will go to $4,700 starting in January 2024. Similarly, the highest disability check is $3,627 and will go to $3,743 in 2024 benefits.
To calculate our next year’s benefit we only need to do one addition. By adding 3.2% to our current check we will have the result in a matter of seconds. Keep in mind that for every $100 we have in our 2023 check in 2024 it will become $103.2.
The first of these payments will arrive on the 29th day of December. This payment will be the January 2024 Supplemental Security Income. Since the 1st is a holiday, the day these payments are usually sent, the check will be advanced to December 29th. Direct Deposit recipients will have this money immediately, so they will be able to enjoy the Social Security COLA sooner.
WILL THE COLA BE ENOUGH IN 2024?
Thousands of Americans think this increase is neither enough nor real. This is because inflation continues to increase. And announcing the COLA in October makes beneficiaries think that 3.2% will not be enough to really cover all the increase in prices.
This situation is even worse for retirees who only collect Social Security. With no other source of income, inflation is even higher for them. That is why many of these citizens claim that the COLA will be insufficient in the coming year.
Anyway, after the COLA announcement there is no way to change the figure, so we will have to face inflation with the 3.2% increase until the end of 2024 when we will see the announcement of the new COLA for 2025.