Starting in January of next year, United States citizens who have a Social Security benefit will see their monthly check increase. In this regard, it doesn’t matter if our check is for age retirement or some other reason. What does matter is that we have our check accepted. In that case, the payment will come with an increase thanks to the COLA.
And now we know for sure what the increase will be for each retiree in January 2024. This raise will reach record numbers, and that the maximum will be very close to $5,000. While this is true, it is also true that the nearly $5,000 payment is not for all Americans, since it is necessary to max out the check to get that payment.
What is certain is that every single retiree will reach a higher figure in their benefit in the coming year 2024. This will enable beneficiaries to cope with inflation as effectively as possible. Although the increase in Social Security payments will come soon, it is certain that the intention is not to enrich the retirees, but to be able to fight inflation.
WHAT WILL BE THE AMOUNT OF SOCIAL SECURITY FOR RETIREES IN 2024?
As we have already mentioned, in January 2024 all benefits will increase slightly. This means that any Social Security beneficiary will reach a higher benefit amount. But it is not until the first of the January payments that retirees will see that increase.
The increase in benefits will be 3.2% in the coming year. The COLA will be that amount, so our checks, no matter how much we collect today, will reach that figure. Therefore, just by adding 3.2% to our current check we will get the figure we will have in next year 2024.
Thus, a retiree currently collecting $1,500, for example, will have a Social Security check of $1,548. This raises his or her check $48. While that may not seem like a very large figure, it is $576 per year, so it is enough to deal with general inflation.
So now we know how to calculate our benefit payment, so we can know how much money we will collect in the coming year 2024 and we can, therefore, organize our economy in the best possible way.
MAXIMUM RETIREMENT AMOUNTS IN 2024
Social Security will send new checks with new maximum amounts. Each category of retirees has a maximum amount, so we must check well which is ours to know if we reach such a big check.
These are the general categories:
- Social Security age retirement check: $4,700 maximum.
- Disability retirement check: $3,743 maximum.
- Supplemental Security Income: $943 maximum.
Still, it is true that Social Security Age Retirement payments will also depend on the age at which we have applied for payment. To reach the maximum of $4,700, we must maximize all aspects of our benefit, including retiring at age 70.