The United States Social Security Administration (SSA) has announced that it will increase Social Security and Supplemental Security Income (SSI) payments in 2024 due to the cost of living adjustment (COLA).
According to the SSA, the COLA ensures that the purchasing power of Social Security and SSI benefits stays in line with inflation. This is calculated by taking the percentage increase in the Consumer Price Index for Urban Salaries and Employees (CPI-A) from the third quarter of last year to the third quarter of the current year. If there has been no increase in inflation, there is no increase in COLA.
Before Congress implemented the COLA provision as part of the Social Security Amendments of 1972, these types of benefits were increased through special congressional legislation. Automatic annual COLAs have been active since 1975. Currently, their benefits are paid in December and received by beneficiaries every January.
Last year’s COLA had an increase of 8.7%, the highest since July 1981. In 2024, the COLA will be 3.2%a slight increase for SSI and Social Security payments.
According to the SSA, average payments for all retired workers are expected to rise from $1,848 to about $1,907 next year. In 2024, the maximum benefit for people who retire at full retirement age will be $3,822. Average benefits for older couples, where both spouses receive benefits, are expected to rise from $2,939 to about $3,033.
For surviving spouses with two children, the payment will increase from $3,540 to $3,653. In the case of an elderly single surviving spouse, it will go from $1,718 to $1,773. Workers with disabilities, along with their spouse and one or more children, will see their pay increase from $2,636 to $2,720, while the figure for all workers with disabilities will increase from $1,489 to $1,537.
As for SSI benefits, the standard federal payment will increase from $914 to $943 for individuals and from $1,371 to $1,415 for couples.
When will increased Social Security payments be sent out?
The COLA will be applied in the January 2024 Social Security and SSI payments. The first will be sent on Friday, December 29, 2023, since January 1 is a holiday. Afterwards, it will be sent every Wednesday according to the beneficiaries’ date of birth as follows:
- Wednesday, January 3, 2024: Benefits for those who began receiving them before May 1997.
- Wednesday, January 10, 2024: Payments for beneficiaries with a date of birth between the 1st and the 10th.
- Wednesday, January 17, 2024: Dates of birth between the 11th and the 20th.
- Wednesday, January 24, 2024: Dates of birth between the 21st and the 31st.
Social Security will begin notifying beneficiaries by mail starting in early December. Those who have a personal account My Social Security They can view their COLA notification on the website. If they haven’t received it yet, they can set up text or email alerts when there is a new notification. Those who have not registered for My Social Security before November 14 will not be able to view their COLA notification online.
2023-12-08 00:22:50
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