Retirees in the United States get a Social Security benefit every month to cover their expenses. These retirees know that they have the same amount each month to use for whatever they need. However, each year this amount increases slightly thanks to the COLA.
The Cost of Living Adjustment is a measure implemented by the United States government to ensure that American retirees have access to everything they need in an economical way. And in this case, the Social Security check could increase to $145 by next year 2024, which is very good news.
If we want to know what the increase will be for our Social Security check in the next year we just need to add the COLA percentage to our monthly check. With a simple count we will be able to know the final payment we will get in 2024. This is the same every year unlike the COLA percentage, since every year the increase is different.
WHICH RETIREE CAN GET AN EXTRA $145 IN 2024?
Only one group of Social Security beneficiaries can achieve an increase of $145 in the coming year 2024. To have this figure it is mandatory to have maximized in the past our retirement check.
In this regard, it is mandatory to have the 2023 maximum retiree payment of $4,555. This will bring our monthly payment to $4,700 as of January next year 2024. Having such a high figure is certainly good news, as we would be close to $5,000 per month.
Still, there is nothing to worry about if our benefit is not that large. If the amount of our check is less, it is absolutely no big deal, as we will get the increase anyway. The payment will increase 3.2% regardless of what our current figure is.
HOW MUCH WILL MY SOCIAL SECURITY INCREASE IN 2024?
As we have already mentioned, the increase figure will be 3.2%. This means that our retirement check will increase by $32 for every $1,000 we get. The calculation is very easy to do and we simply need to add 3.2% to our current payment.
In this case it is almost as simple as adding $32 for every $1,000 or $3.2 for every $100 of our benefit. If the Social Security retiree retirement check we get in 2023 is $2,000 as of January we will collect a payment of $2,064 per month.
Likewise, Social Security retiree payments for other benefits will also have an increase. For example, the Supplemental Security Income payment will go from the maximum $914 to $943 per month. Each and every check that the Social Security Administration sends out gets this increase.
In short, if you have a maximum Social Security retirement benefit of $4,555 you can get a $145 increase in the coming year 2024, but you are not required to have the maximum check to get this COLA increase.