Social Security beneficiaries will see a 3.2% cost-of-living adjustment increase beginning in 2024 due to inflation. However, Social Security beneficiaries will get their first increased payment later this year.
Annually, the Social Security Administration sets the cost-of-living adjustment for Social Security benefits. The COLA is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Public Employees from the third quarter of the previous year to the third quarter of the current year.
We will inform you of the increase in your Social Security payments next year. For additional information, you can refer to the Social Security payment schedule and the Social Security Disability Insurance payment schedule.
What will my Social Security benefit amount be with the COLA increase in 2024?
The COLA increase will raise Social Security benefits by 3.2%. According to the Social Security Administration, this will result in an average monthly increase of more than $50.
Below are the new average amounts for 2024, according to beneficiary categories:
Category | Average monthly increase | Average 2024 check amount |
---|---|---|
Retiree | $58 | $1,885 |
Worker with disabilities | $47 | $1,530 |
Senior couple, both receiving benefits | $95 | $3,067 |
Widow(er) | $55 | $1,759 |
Widow(er) with two children | $113 | $3,633 |
When will I see the COLA increase in my Social Security payment?
Beginning January 2024, you will notice the COLA increase in your monthly payments. Payments are made on scheduled Wednesdays of each month, so the date you receive the increase will depend on your date of birth and when you started getting Social Security benefits.
- If your birthday falls between the 1st and 10th of the month, you will get your payment on the second Wednesday of January 2024.
- If your birthday is between the 11th and 20th of the month, your payment will be made on the third Wednesday in January 2024.
- If your birthday is between the 21st and 31st of the month, your payment will be sent on the fourth Wednesday in January 2024.
Payments to Supplemental Security Income beneficiaries are generally made on the first day of each month, unless it is a holiday or weekend. If you started getting Social Security benefits before May 1997, your payment should arrive on January 3, 2024.