Pension checks are a very important issue for United States citizens. Anything that affects Social Security payments affects society as a whole, and these payments are a mainstay of life for United States citizens. Therefore, if we take this into account we can see that an increase in payments is always welcome.
However, not all increases are equal. The so-called COLA increases Social Security pensions, but not all Americans are happy in the next of the increases we will see in 2024. While it is true that the 2023 increase was record high and reached 8.7%, the truth is that in 2024 we will not see such a large increase.
This will cause Social Security checks to continue to increase but citizens with a pensioner will not see as large an increase as in the current year 2023. What we should also keep in mind is that the 8.7% increase is still there, as it does not go away. Therefore, in 2024 we will have the 8.7% increase over 2022, as well as an extra 3.2% increase corresponding to this year’s COLA.
HOW MUCH WILL SOCIAL SECURITY PENSIONS INCREASE IN 2024?
Each citizen will get a proportional increase with respect to his or her benefit. This means that not all citizens will get the same amount. What they will get is the same percentage increase. The 3.2% COLA will affect each and every check that Social Security will send out in the coming year 2024.
In this way, retirees will get more money to fight inflation. Also, the pensioner maximum will increase as the COLA increases both large and small Social Security checks.
In the coming year these will be the maximum Social Security pension checks:
- Maximum Social Security check: $4,700.
- Maximum Social Security disability check: $3,743.
- Maximum Social Security check for retirement at age 67: $3,743.
- Maximum Social Security check for Early Retirement Age (age 62): $2,710.
- Average Social Security pensioner’s check: about $1,900.
But if you don’t have the maximum check it will also increase your pension, so you don’t have to worry about that. Each and every Social Security check will have an increase starting in January 2024, including Supplemental Security Income.
HOW MUCH WILL SOCIAL SECURITY INCREASE IF I DON’T HAVE THE MAXIMUM CHECK?
The check payment will increase by 3.2% in the coming year 2024 for all recipients. This means that if we have a $1,000 check, for example, we will get $1,032 starting in January 2024. This will be the same for all payments that Social Security will send starting in January of next year.
Similarly, Supplemental Security Income pension payments will also increase. So, if we have both benefits accepted we will get an increase with each of them. This is very good news for Americans with both checks.
Remember, you only have to add 3.2% to your current check. So you have to add $32 for every $1,000 you have or $3.2 for every $100 that’s inside your pensioner’s check. And don’t forget that it won’t be until January 2024 that these increases arrive, so you still have a little while to wait.