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COLA 2024: When Increased Social Security Payments Will Be Sent in the U.S.

2023-12-08T00:26:51.749Z

Highlights: The cost-of-living adjustment (COLA) will increase by 3.2% next year. It will benefit more than 71 million Americans. The COLA ensures that the purchasing power of Social Security and SSI benefits remains at the level of inflation. It is calculated by taking the percentage increase of the Consumer Price Index for Salaried Workers and Urban Employees (CPI-A) from the third quarter of last year to the current year. Last year's COLA had an increase of 8.7%, the highest since July 1981.


The cost-of-living adjustment (COLA) will increase by 3.2% next year. It will benefit more than 71 million Americans


The U.S. 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 remains at the level of inflation. This is calculated by taking the percentage increase of the Consumer Price Index for Salaried Workers and Urban 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 the COLA.

Before Congress implemented the COLA provision as part of the Social Security Amendments of 1972, these types of benefits were increased by special congressional legislation. Automatic annual COLAs have been active since 1975. Currently, their benefits are paid in December and are 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, median payments for all retired workers are expected to increase from $1,848 to about $1,907 next year. In 2024, the maximum benefit for people retiring at full retirement age will be $3,822. Average benefits for older couples, where both spouses receive benefits, are projected to increase from $2,939 to about $3,033.

For surviving spouses with two children, the payment will increase from $3,540 to $3,653. For an elderly unmarried 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 increased from $2,636 to $2,720, while the figure for all workers with disabilities will go 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?

The COLA will be applied to January 2024 Social Security and SSI payments. The first will be sent on Friday, December 29, 2023, as January 1 is a public holiday. After that, it will be sent every Wednesday according to the date of birth of the beneficiaries as follows:

  • Wednesday, January 3, 2024: Benefits for those who began receiving them before May 1997.
  • Wednesday, January 10, 2024: Payments for beneficiaries with birth dates between January 1 and 10.
  • Wednesday, January 17, 2024: Birth dates between January 11 and 20.
  • 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 My Social Security account 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's a new notification. Those who didn't sign up for My Social Security by Nov. 14 won't be able to view their COLA notification online.


Source: elparis

All news articles on 2023-12-08

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