Social Security Payments: Who will benefit from the 2024 COLA increase before the end of 2023?
The SSA has announced the increase to COLA for 2024. However, some beneficiaries will receive the increased payment before the end of the year.
Every year, the Social Security Administration (SSA) makes an increase to Social Security benefits, as well as the payments for other programs it manages, with the goal of avoiding purchasing power losses for beneficiaries when inflation is high.
This increase is known as the Cost of Living Adjustment (COLA), calculated based on the Consumer Price Index for Salaried Workers in Urban Areas and Administrative Workers (CPI-W). To do this, the SSA compares the CPI-W of the third quarter (July, August, and September) of the previous year with that of the third quarter of the current year. The resulting percent increase identified becomes the COLA for the following year.
According to the official announcement from the SSA issued on 12 October, the increase in COLA for 2024 will be 3.2 percent. In September, the average benefit distributed to retired workers was $1,841. Based on this benefit amount, when the 2024 COLA is applied, the average beneficiary will see their check increase by $59.
This will be the increased Social Security payments for 2024
Keeping in mind that each case is different, you can calculate your payments by multiplying your current profit by 1,032.
As for Supplemental Security Income (SSI) beneficiaries, the maximum to receive in 2023 is $914 for an individual and $1,371 for a married couple in which both receive program benefits. With the increase to the COLA, the payments for 2024 will increase to $943 and $1,414.8, respectively.
Who will benefit from the 2024 COLA increase before the end of 2023?
The increase in COLA comes into effect in January, but since SSI beneficiaries receive their checks on the first of the month, their first COLA-applied payment will come in December. Since 1 January is a federal holiday, SSI beneficiaries will see their 2024 January payment delivered on Friday, 29 December.
As for the rest of the beneficiaries, the payment schedule for January 2024 is as follows:
- Wednesday, January 3: Beneficiaries who began receiving their payments before May 1997
- Wednesday the 10th: Beneficiaries with a date of birth between the 1st and the 10th
- Wednesday the 17th: Beneficiaries with a date of birth between the 11th and the 20th
- Wednesday the 24th: Beneficiaries with a date of birth between the 21st and the 31st