Over the years thousands of United States citizens have gotten a lot of different Social Security checks. And along with these checks there is also the COLA, which is nothing more than the Cost of Living Adjustment. Through this tool the United States Government ensures that Social Security recipients and other United States citizens do not lose purchasing power.
In mid-October of each year, the U.S. Government announces the COLA for the coming year. This COLA increases Social Security check benefits by a percentage, as well as some earned wages, SNAP benefits and other types of payments. Therefore, we cannot doubt that the COLA is an important element within American society.
By next year 2024 we will have a COLA of 3.2%. The government announced this official data on the 12th day of October and since then we can already know what our benefit will be in the coming year. If we have a retirement payment, whether for disability or for some other reason, we will be able to enjoy this increase starting next year.
It is very good news to know that we will have an extra 3.2% in 2024, even though for some people this year’s COLA is insufficient. The important thing, without a doubt, is that Social Security beneficiaries do not lose purchasing power and thanks to this measure the Government achieves this every year. While it is true that in some years the increase is higher than in others, this year we have an increase of only 3.2%.
HOW MUCH WILL THE SOCIAL SECURITY WAGE LIMIT INCREASE AFTER COLA 2024?
As we all know, we will not see the COLA 2024 increase applied until January 2024. Therefore, we still have to wait a few months to start enjoying these extra dollars. Even so, it is already possible to know exactly what the maximum limit on retirement checks is.
Likewise, we can also know what our benefit will be as of January. With a simple count we will find out how much we will get with Social Security starting next January.
As for the maximum Social Security check this will depend on the type of retirement we have. These will be the most common limits:
- Retirees at age 70. In 2023 they can access a maximum check of $4,555 and as of January 2024 that payment will go to $4,700.
- Full Retirement Age (age 67) retirees. The $3,627 maximum check in 2023 will increase to $3,743 after the 2024 COLA.
- Disability Retirement Benefit (SSDI). The maximum payment is the same as Full Retirement Age at $3,627 in 2023. Therefore, in 2024 we will also see a maximum check of $3,743 per month.
It is important to keep in mind that these are the maximum checks. Therefore, not every American with a benefit will get this payment. Each citizen will get a different increase depending on the benefit they currently have.
HOW TO CALCULATE THE SOCIAL SECURITY INCREASE FOR 2024?
It is very easy to figure out the exact amount our Social Security benefit will be after the 2024 COLA. The total figure will depend on the current check, but all we have to do is add 3.2% to the check. And it doesn’t matter whether the payment is $1,200 or $3,500.
In this sense, if the payment we currently have is $1,000 as of January 2024 we will have $1,032. Every $1,000 check will become $1,032. So that’s the easiest way to get what our Social Security check will be starting in 2024.
And with all other benefits, whether it’s Supplemental Security Income or some other type of benefit, it’s exactly the same thing. Just add the 3.2% COLA to our current benefit and we’ll have the exact figure quickly calculated.