Despite what many United States citizens think, it is not possible to get a month-to-month increase in your Social Security check. Some Americans think that it is possible to get a raise just like during the work season.
But this is not the case, as it is not possible to apply to the Social Security Administration for an increase. However, it is possible to get a little extra money each new year every month.
That increase does not depend on us, but on factors external to our decisions. Still, any such increase is always welcome. Therefore, it is good to monitor everything related to this, as we might find a good news that will ensure us to earn a little more money.
At the time we apply for our Social Security retirement benefit we set the amount of our check. This can only increase in very specific ways. That is, not every month we will get that increase. It is possible, with a lot of effort, to increase the checks, but in most cases it is not worth it.
But the Administration will increase the payment at the beginning of each year. The amount it increases is variable and depends on certain factors, but what is certain is that it will increase in 2024.
WHO WILL NOT GET THE 2024 SOCIAL SECURITY COLA?
The COLA increase in Social Security checks is fully automated. This means that citizens have to do absolutely nothing to get these checks. So we can also conclude that all citizens with a benefit will get the COLA.
The Cost of living adjustment (COLA) will cause the check to increase starting January 2024. This increase will be automatic, as we have already discussed, so we will not have to do anything in order to get it.
The citizens who will not get the COLA will be those who do not have a Social Security benefit. And the fact is that all age retirement checks and even Supplemental Security Income will get the increase starting with the first of next year’s payments.
In short, if you have a disability or age retirement benefit, you have nothing to worry about. The payment will come with an increase starting in January of next year, so the COLA will hit your pocket, as it does for all Americans.