Within the benefits that the United States Social Security Administration sends to citizens there are many different ones. Among them are the age retirement benefit and the disability benefit, but there are many more. One of the most commonly requested benefits by Americans is the spousal benefit.
This benefit, like all other benefits, will increase thanks to COLA 2024. So if you have a spousal check in 2023 starting in January of next year you will be able to enjoy a little extra money to help you on a month-to-month basis. Likewise, all other beneficiaries will also be able to get this COLA, as it is something that applies to all Americans with a Social Security check.
Best of all, if an American couple is collecting joint Social Security, they will also be able to get this COLA. This will cause the check per spouse to increase at the same time that the primary beneficiary’s check increases. Therefore, many couples will find themselves with a nice increase that will cause them to get a larger amount each month than they have been getting up to this year.
WHAT WILL THE SOCIAL SECURITY SPOUSAL CHECK BE IN 2024?
If we talk about average benefits, in 2023 we find that the Social Security check for spouses has been around $2,940 per month. The COLA will cause this check to increase by 3.2%. Therefore, a couple will get a payment of about $3,033 every month in 2024.
#BREAKING! More than 71 million Americans will get a 3.2% increase in monthly #SocialSecurity benefits and #SSI payments in 2024. Check our blog for more information: https://t.co/2RWlgZ3CVz #COLA #2024COLA pic.twitter.com/y7F19zqFWz
— Social Security (@SocialSecurity) October 12, 2023
The increase, therefore, will be $94, give or take, and will affect each and every Social Security check. The $94 increase is the average increase as it relates to couple’s benefits. All other checks will increase by 3.2% regardless of what benefit we have.
Similarly, the maximum retirement benefit check is $4,555 in 2023 and will increase to approximately $4,700 in 2024. This is certainly good news for all Americans with a retirement check.
WILL THE SUPPLEMENTAL SECURITY INCOME ALSO INCREASE IN 2024?
As with spousal and partner benefits, Supplemental Security Income will also increase by next year 2024. The Social Security SSI check will no longer have a maximum payment of $914. This payment will move to a check of $943 at most beginning in January 2024.
Likewise, both SNAP Food Stamps payments and any other Social Security benefit payments will have this increase. To calculate what payment we will get in 2024 we will just have to add 3.2% to our current check.
The result of that addition will be the payment we are going to get every month starting in January 2024. While it is true that this year’s COLA is much lower than that of 2023, the truth is that at the end of 2024 most beneficiaries will get on average around $1,000 per year, so this is not bad news.