Now that the United States Government has finally announced the COLA that will take effect in 2024 we can calculate what the limit on each benefit will be. Each group of Social Security retirees will be able to know exactly how much they will earn as of January of next year 2024. This means that thanks to this early announcement we will be able to have a good organization starting next year.
While it is true that the maximum limit in 2023 for all Social Security checks is 4,555 not all retirees access that payment. It is mandatory to meet a number of requirements before requesting a retirement check. But yes it is also true that retirees can have a similar payment and after the 2024 COLA the check will increase a bit.
The maximum limit that the Social Security Administration will send in 2024 will be $4,700. This implies that the increase will be almost $150, something that may not seem like much but is actually a good amount of dollars. If we look at the full year we find that the total is $1,800. So with that money the retiree can even take a vacation.
Still, the Full Retirement Age maximum is neither $4,555 in 2023 nor will it reach $4,700 in 2024. But the figure will be quite similar. With a simple calculation we will be able to find out how many dollars we will actually have.
FULL RETIREMENT AGE MAXIMUM SOCIAL SECURITY WITH THE 2024 COLA
The Social Security benefit reaches a fairly large figure if we apply for it with Full Retirement Age. While it may not reach the $4,555 figure for a retirement at age 70, beneficiaries in 2023 have been able to get a check for $3,627. This is true only for Americans who have retired at age 67.
In some cases, Full Retirement Age may be at 66, depending on the year of birth. In any case, if we add to that the COLA 2024 we will be left with a maximum benefit of 3,743 dollars. A not insignificant figure that can solve the life of more than one retiree with economic problems.
Remember that this is the maximum benefit, which does not mean that all retirees will get an increase of $116 per month. Everyone will get a different increase depending on the benefit they currently have.
The ratio of the check will increase the same for everyone. You only have to add 3.2% to your current check to get the exact number of dollars you will get in 2024. For example, your check is $2,000, in 2024, after the COLA, you will have $2,046 and the increase will be $46 per month.
WHAT DO I HAVE TO DO TO APPLY FOR THE COLA?
One of the best advantages of the COLA is that you don’t need to apply for anything at all. However, it takes a few months from the official announcement made by the United States Government to the time we get the increase.
#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
Social Security checks will have the extra 3.2% starting in January of next year. Retirees who have a benefit will not be able to get a check with the added amount sooner. Only recipients who have a Supplemental Security Income benefit could get the COLA early, though just a few days early.
If you have an SSI check and Direct Deposit activated, the first of the COLA 2024 payments will arrive in your pocket on Dec. 29. The check will still arrive, though, if you have Direct Deposit activated with the 3.2% added. As for SSI, the maximum check starting in January will be $943 per month.