United States Social Security payments increase a little each year. This means that retirees collecting a benefit are not getting the same check this year 2024 as in previous years. And knowing this fact is very important in order to be able to organize our household finances as efficiently as possible.
The increase in these benefits is done through COLA and each and every Social Security check has this increase. So if you have already started collecting a retirement benefit you will be able to collect extra money. The average is $59 a month, but that doesn’t mean that every retiree is going to get that amount.
Every American gets an amount of money based on the check they currently collect until 2023. The increase is proportional, so it is fair, as every citizen with a Social Security payment will see the same increase no matter what check they have. The percentage of the increase is 3.2%, which doesn’t sound like much but will grant a large amount of money before the end of the year.
How much of a Social Security increase will I get starting in January?
The amount we will get will depend directly, as mentioned above, on the check we have collected so far in 2023. The average benefit will increase by $59 for all groups of retirees. But that is the average, not the check that all beneficiaries will collect.
![The increase in our Social Security check will depends on the current check](https://www.tododisca.com/en/wp-content/uploads/2024/01/The-increase-in-our-Social-Security-check-will-depends-on-the-current-check.jpg)
So we will have to check what our check will be by just adding 3.2% to our current payment. With that simple tally we will be able to find out what our benefit will be in 2024 as of the first of the January payments. Knowing this is really useful, since we will be able to plan everything related to monthly expenses through this knowledge.
To make it clearer for you, each Social Security beneficiary will have $32 more for every $1,000 he or she will collect in 2023. Or, in other words, $3.2 more for every $100 collected in the previous year. Adding that to our benefit will give us the final check. Remember that the $59 per month increase is an average, so we could get a larger increase or a smaller increase.
Retirement check payment schedule in January 2024
Social Security payment days will follow the official schedule issued by the United States Administration and Government. In total we will have four different payment days and today is the first of these payment days.
In this sense, these will be the days when we will be able to get our retirement check in January 2024:
- January 3rd. Payment for pre-1997 retirees.
- January 10th. Retirees with checks after 1997 and date of birth between the 1st and 10th of the month get their benefit.
- January 17th. Any retiree with a birthday between the 11th and 20th of the month and a post-1997 benefit may collect on this day.
- January 24th. Retirees with a check from after 1997 and birthday between the 21st and 31st get their payment.
These collection days are only for beneficiaries with Direct Deposit activated. The rest of the Social Security beneficiaries who do not activate this method will be able to receive their payments in the next few days, but they will have to wait a little longer.