All categories of Social Security benefits in the United States will have an increase by 2024. This increase will be effective thanks to the COLA, and this Cost of Living Adjustment serves to combat inflation and the general increase in prices.
Now that we know what the COLA will be for next year 2024, we will be able to calculate perfectly what our check will be starting in January. Not only that, but we can also find out what the amount of any other Social Security benefits will be.
Even if we have only Supplemental Security Income as our monthly check we will also get COLA. This will bring the payments for this benefit to historic numbers, as it will be very close to being $1,000 per month as the maximum payment.
Even so, we still have to wait a bit to get one of these checks with the COLA 2024 added. However, if we meet a few requirements we will be able to get the first of the Social Security payments with the 2024 COLA in 2023. If we are on the eligible list we will be able to enjoy this payment on December 29th.
WHAT WILL THE MAXIMUM SOCIAL SECURITY BENEFITS BE WITH THE COLA 2024?
In 2024, Social Security checks will reach record highs. While it is true that the 2024 COLA will not be as large as the 2023 COLA, it is also true that the increase will cause the checks to reach figures that were previously impossible.
Thus, the payment on this check will reach a maximum of $4,700. This means that the maximum check of $4,555 in 2023 will increase by approximately $145. The increase is 3.2% for all benefits.
On the other hand, if we look at the Supplemental Security Income check we can see that the maximum payment will be $943 per month. This payment is very close to $1,000, which is very good news for all Americans.
In the case of disability benefits (SSDI) Social Security will send a maximum benefit of $3,743. This same situation will occur with the Full Retirement Age checks, since these two retirement categories share limits.
To calculate our benefit, even if we do not have the maximum check, what we must do is add 3.2% to our check. In total, benefits will increase by $32 for every $1,000 we collect through this year.
HOW TO COLLECT SUPPLEMENTAL SECURITY INCOME SOONER WITH COLA 2024?
The Social Security Administration will send the January 2024 Supplemental Security Income early. Since the official mailing date for this benefit is January 1st and that day is a holiday, the Administration will pay the check on December 29th.
However, in order to get this payment earlier we must activate Direct Deposit. Otherwise it will be impossible to get the SSI payment earlier. Regardless of which collection method we have activated, the money will arrive in our pocket, so we do not have to worry.
If you have Direct Deposit activated, you will receive two Social Security SSI checks in December, and each one will be for a different amount. This is because the December 29th payment will have 3.2% of the 2024 COLA added to it.