Social Security beneficiaries in the United States have some very good news to celebrate, and that is that the benefits that will be sent by the Administration starting next January 2024 will have an increase. This increase is added thanks to the Cost of living Adjustment (COLA) and aims to make inflation less of a negative thing for seniors with a monthly retirement check.
In this way, beneficiaries can get a small increase every year to help them cope with inflation in a different way. While collecting Social Security alone may not be the best option, as in many cases it may not be enough, many Americans continue to do so. Therefore, getting a little extra money each year can be a great financial relief.
In addition to that it is also good to note that not only Social Security retirement benefit recipients have this COLA increase. Also other users such as citizens with a Supplemental Security Income will see this increase in the check they get each month. Do you already know what the exact COLA figure is for 2024?
HOW MUCH DO SOCIAL SECURITY CHECKS INCREASE IN 2024?
Depending on the check we currently have we may get one increase or another. What is certain is that the percentage will be the same for all beneficiaries, so larger checks will get a larger increase.
In the case of beneficiaries who collect a payment individually if we take into account the maximum Social Security check the payment would go from $4,555 in 2023 to $4,700 in 2024. Checks with an average payment go from $1,888 in this year 2023 to approximately $1,948.
For couples, however, we have some different checks. In this year 2023 the average payment for couples with a Social Security check is $2,939, which brings it up to about $3,035 next year with the COLA of 3.2%.
HOW DO I CALCULATE MY RETIREMENT INCREASE?
In order to calculate how much our checks will increase in 2024 we simply need to add 3.2% to our current payment. If our Social Security check is $1,000, for example, the payment will go up to $1,032 in the coming year 2024.
Likewise, any other payment will have its increase starting in January 2024. Regardless of the amount, we will have the 3.2% increase. This COLA will add up to $32 for every $1,000 we currently earn or $3.2 for every $100 we have in the 2023 check.
Likewise, the Supplemental Security Income payment will also increase for next year. The maximum this benefit will reach will be $943, bringing Social Security recipients who also collect SSI to almost $1,000 extra each month.