Dates to watch for in 2024 if you receive Social Security benefits

In 2024, more than 71 million Americans will see a 3.2% increase in their Social Security benefits, which include payments for retired workers, survivors and disability insurance (SSDI), as well as such as Supplemental Security Income (SSI) payments.

This increase is thanks to the cost of living adjustment (COLA), which is calculated each year based on inflation so as not to affect the purchasing power of workers.

How is COLA calculated?

The COLA is linked to the annual increase in the Consumer Price Index for Urban Wage Workers and Clerical Workers (CPI-W).

The calculation takes into account the CPI-W data from the third quarter of the previous year and compares them with those from the third quarter of the current year, that is, the data from July, August and September of both years are compared.

If there has been an annual increase in CPI-W the Social Security Administration (SSA) increases Social Security payments by that percentage.

The dates you should keep in mind in 2024 if you receive Social Security benefits

Although the COLA was announced in mid-October, beneficiaries will have to wait until it takes effect to see the increase reflected.

Throughout the month of December, the Social Security Administration (SSA) will mail COLA notices to retirement, survivor and disability beneficiaries, SSI recipients, and representative payees, which show the new amount they will receive in 2024.

The COLA goes into effect at the start of the new year and is applied for the first time on Social Security and Supplemental Security Income (SSI) payments from January 2024. Therefore, the first increased Social Security payments will be sent on the following dates:

Here are all the payment dates for Insurance benefits in 2024: Social Security: What is the final payment schedule for 2024