It’s not just age or disability retirees who get a Social Security check throughout the United States. And with the COLA it is exactly the same. So it would be unfair to think that only retirement and disability benefits are the ones that will see an increase starting in January of next year. Each and every check will see an increase starting in January and that means survivor and spousal benefits as well.
However, each and every check will see a totally different increase. Since each Social Security payment is totally individual, the COLA will affect each of these payments individually. This can be good news and bad news at the same time. Depending on what our payment amount is we may find ourselves with one thing or another.
In general, the increase in Social Security payments through the COLA is done on a percentage basis. For that reason we cannot determine that the checks have, for example, a $35 increase each. Each beneficiary’s check will increase proportionately. If a payment is $1,300 per month it will have a larger increase than one that has $800 per month.
But now that we know that the COLA will act by increasing by 3.2%, it is easy to calculate what each benefit will be for each beneficiary. And this will apply to all Social Security beneficiaries regardless of benefit type. Do you know how much your check will increase in 2024?
HOW MUCH WILL SURVIVOR BENEFIT SOCIAL SECURITY CHECKS INCREASE WITH THE 2024 COLA?
Just by knowing the COLA we will have in the coming year, we can already calculate what the benefit will be on each of our Social Security checks. And it doesn’t matter what type of benefit, as we have already discussed. Likewise, it doesn’t matter what amount we collect.
Regardless of all the factors, the Social Security Administration will send a check with 3.2% more for each retiree. If we keep this in mind we can look at sample survivor benefit checks and calculate what the benefit will be in the coming year.
Social Security survivor checks in 2024 after the COLA increase:
- Payment of $750: $774 benefit. The increase is $24.
- Payment of $1,200 per month: $1,238. The increase would be $38 per month.
- Payment of $1,500 per month: $1,548. This check would have an increase of $48.
- Payment of $2,300: $2,373 after the COLA. The increase would be $73 per month.
As you can see from this small table, the calculation is quite simple. To know your benefit exactly you only need to add 3.2% to your current check. But remember that until January 2024 this increase will not take effect. Before this date it will not be possible to add the COLA to our check.
OTHER BENEFITS THAT WILL INCREASE WITH THE COLA
It’s not just Social Security retirement benefits for disability, survivor or spouse that will increase with the COLA. In addition to that, the Supplemental Security Income check will also have a 3.2% increase. This means that if we have a maximum check for this benefit of $914 per month starting in January of next year that payment would be up to $943.
Still, it should be noted that the first of these payments with the added 2024 COLA would arrive in 2023. The Administration will send out the January Supplemental Security Income payment on the 29th day of October. Thus, retirees with Direct Deposit activated will be able to enjoy the Cost of Living Adjsutment before 2024 arrives.
All other retirees and Social Security beneficiaries will have to wait until the first of the retirement payments arrives in 2024. In January, payments will be made on the 3rd of January, the second, third and fourth Wednesday of the month.