The COLA increases Social Security checks for United States retirees each year. And in 2024 this COLA is back in effect. While it is true that we do not have as large an increase as in the previous year 2023, the increase is still helpful. So every Social Security check will increase a little bit in this year 2024.
If you have an accepted Social Security benefit you will get this increase. However, if we have not yet started collecting our retirement check we will have to wait to determine what the exact amount of money we will collect is. The COLA will be applied directly to you since your first check will be in the current year.
Each of the checks will increase. This means that the maximum checks will be different in the year 2024. So be prepared to collect a little more throughout the full year until the end of December. After that we will likely get one more increase that will correspond to next year’s COLA.
UPDATED SOCIAL SECURITY PENSION FIGURES IN 2024
As of today we should already forget the figure we were collecting in 2023. As of the very first payment in January 2024 the amount of Social Security benefits increase. Therefore, we have to look at a new figure that will be higher and, therefore, will be more beneficial for each retiree.
This table below shows what the average benefit will be for the appropriate categories. It also shows the maximum check for the FRA. This does not mean that the maximum check will be that amount, as there may be a larger check.
The FRA payment is the Full Retirement Age payment, i.e., retirees claiming Social Security at age 67. But there is a larger check, which is the Late Retirement Age check at age 70. When an American applies for the benefit at that age, he or she can get a larger check, so it is a good idea to wait until that age to apply for it.
Category | Amount |
All Social Security retirees | $1,907 |
A couple with 2 retirement checks | $3,033 |
Widow(er) | $1,773 |
Worker with a Disability | $1,537 |
Maximum Social Security Benefit (FRA) | $3,822 |
With this in mind, we can already know what the average check would be. However, this amount may change throughout the year, since the average check is a variable figure. The average amount depends on the current checks that Social Security sends out, so if they send out more checks in the future with a lower benefit, the average will go down.
Regardless of all this, what we need to keep in mind is that the COLA causes all Social Security checks to increase in this year 2024. So you will have a higher benefit starting with the first of this year’s payments so you can use it for whatever you need.