For all citizens of the United States, the COLA is critical to combating inflation and balancing the Social Security check with rising prices. Without the COLA, retirees would not have enough money to live normally. Each new year, a new benefit increase is implemented and because of this, retirees are able to keep going.
However, there are some beneficiaries who feel that the COLA that will be applied to Social Security in the coming year is not enough. The 3.2% increase will fall short of the huge inflation we have suffered in recent months. Still, the figure is immovable and every American will have to fight the increase as best they can.
Still, the increase in Social Security benefits will not come until 2024. Although we already know the announcement, the payment won’t arrive until then, so we have to wait a little longer. Anyway it is true that there is a check that will arrive in advance to a specific group of beneficiaries. This advance will be exclusive, but the COLA increase will be for everyone.
WHO WILL GET THE 2024 COLA ON THEIR SOCIAL SECURITY CHECKS?
Beneficiaries who have a benefit will see a COLA increase for next year 2024. There will be no exceptions to this, so if you have a Social Security retirement check or some other benefit such as Supplemental Security Income you will be able to enjoy this 3.2% increase starting January 2024.
But that’s not all, as it is possible to get the check a little earlier. To be more precise, by meeting certain requirements we will be able to have the COLA payment added in December 2023. This will be a small advantage over beneficiaries who do not get this early increase.
Of course, the increase will be exactly the same for everyone. There is no way to get a higher or lower COLA than announced. Also, only a group of beneficiaries who have Supplemental Security Income will be able to enjoy the payment in advance.
HOW TO GET THE 2024 COLA IN DECEMBER 2023?
The first thing to keep in mind if we want to get a check in 2023 with the 2024 COLA is that we have to have Supplemental Security Income. This means that retirees who do not have this benefit accepted will not be able to get the advance payment.
Still, there is nothing to worry about, as the payment will come to all beneficiaries equally. The difference is whether we will get the payment earlier or later. Another requirement is to activate Direct Deposit in advance.
In short, Supplemental Security Income and Direct Deposit beneficiaries will be able to receive their January 2024 Social Security benefit check early. The rest will get their first payment with the COLA 2024 added in January 2024.