The United States Government and the Social Security Administration have already announced the new COLA for 2024. This means that from now on we can officially calculate what the increase in our check will be for next year.
Therefore, just by knowing the amount we usually receive in our benefit, we will be able to know what we will receive starting in January. This is a great advantage because it leaves us room for economic organization in our household.
Even so, remember that we are not talking about a fixed increase. That is to say, the increase of these Social Security checks goes by percentages. Therefore, each retiree will have the increase of a different number of dollars. Some will get a raise of as little as $10 and some will get a raise of $50.
And best of all, we don’t have to do anything to get these increases. Just cashing a Social Security check is already enough to get the increase in the next few months. Do you know when the first of the payments with the added COLA 2024 is?
HOW MUCH WILL MY SOCIAL SECURITY CHECKS INCREASE BECAUSE OF COLA 2024?
The official confirmation of the COLA 2024 has been 3.2%. This is not a record figure by a long shot, as this increase is nowhere near the increase that Social Security had in this current year 2023, which was 8.7%.
However, any increase is welcome in these cases, although it is true that it could be insufficient for many Americans. Let’s look at several examples of payments to calculate which benefit increase.
If we take an average benefit of $1,888 per month we only have to add 3.2%. The final calculation is $1,891 per month. This would be the average payment for retirees by age. As for the maximum of $4,555 we go up to $4,700. A very good figure is closer to $5,000 per month than ever before.
On the other hand, the maximum Social Security disability checks will be $3,743. But it’s always good to keep in mind that every American has his or her individual check. Getting a larger or smaller increase depends directly on the check we currently have.
WHEN WILL WE GET THE NEW COLA RAISE?
All Americans get an equal raise. But not all Americans may get their Social Security payment increase for the first time. Some will even get it in the year 2023 due to a timing irregularity.
If we have a Supplemental Security Income benefit, the check will arrive on the next December 29th. This is because January 1st is a holiday and therefore the Administration will send the payment early. Because of this, the 2024 COLA may reach beneficiaries early.
However, most retirees will get the COLA on January 3rd or on the following payment days. The rest of this month’s payments will arrive as usual. So soon retirees will be able to enjoy the COLA 2024 and use the extra money on whatever they need.