The start of a new year for the Social Security Administration means that benefits for United States retirees will increase. This increase means that the recipients of these pensions can have enough money to deal with inflation.
The COLA is responsible for adjusting these benefits and directly increasing the checks at the beginning of each year. Also, these checks are not the only ones that the COLA increases. In addition to Social Security Retirement Income, Supplemental Security Income and other benefits such as SNAP Food Stamps are increased annually.
Ultimately, the COLA affects virtually all payments made in the United States in one form or another. Getting a Social Security benefit means having this increase every year, even though the amount is never the same, but varies every year directly. By next year 2024 we won’t have a huge COLA, but enough to deal with inflation and general price increases. Do you know what your check will be yet with the COLA applied?
WHO WILL HAVE THE COLA IN SOCIAL SECURITY IN 2024?
The good news regarding the COLA is that each and every retiree will get it automatically. If we have a Social Security check we won’t have to do anything to get the increased payment. So we can relax about it, because the increase will come automatically.
And it doesn’t matter what type of benefit. Both Disability and Age Retirement beneficiaries can get this COLA. The only prerequisite to get the Cost of Living Adjustment increase is to have a previously accepted retirement check. And not only retirement check, but it is also possible to cash it with Supplemental Security Income, as we noted earlier.
So the answer to the question of who will have COLA on Social Security checks in 2024 is each and every beneficiary. And the percentage is the same for everyone, so we cannot get a higher or lower percentage than other Americans.
HOW MUCH MONEY WILL I GET WITH THE 2024 COLA?
Each beneficiary will get a 3.2% COLA in the year 2024. This means that all benefits will increase by 3.2% in the next year. So your check will increase that amount regardless of what the amount is. If your payment is $1,000 your check will end up being $1,032 in 2024.
The maximum checks will be $4,700 or so, but to get a check that high we have to max out the Social Security retirement payment. So it’s not easy to reach that high figure.
On the other hand, Supplemental Security Income recipients will see that their benefit could reach $943 per month. This benefit will be only for citizens with this higher check, so it will not be possible to get this amount in the normal way either.