SOCIAL SECURITY
Social Security: What to do if you have not yet received official notice of the COLA increase?
We will explain what to do if you have not received the official notice from COLA 2024 that indicates the new amount of your Social Security benefits.
In October, the Social Security Administration (SSA) announced an increase of 3.2 percent would be applied to benefits in 2024. The Cost-of-living adjustment (COLA) applies to benefits for retired workers, as well as checks for survivors and disability benefits, including Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI).
The SSA calculates Social Security and SSI payments on an individual basis and notifies beneficiaries about the amount of their payments. Those with a mySocialSecurity account can view the new amount of their benefits through their account message center. However, if you don’t have an account, the SSA will notify you via postal mail.
If you haven’t received any notice about the new amount of your benefits, and you’re wondering what your new amount is, you should follow up with the SSA to get the information you need.
What you should do if you do not receive your official COLA 2024 notice
The SSA mailed out COLA notices in December. If you haven’t received yours yet, you can contact the SSA by phone at 1-800-772-1213 (press 7 for Spanish) or by visiting www.socialsecurity.gov.
The SSA’s operating hours are from 8:00 a.m. to 7:00 p.m., Monday through Friday. You can also use their automated services by phone, which are available 24 hours a day. The shortest wait times to speak with an agent are typically Wednesday through Friday or during the later hours of the service period.
This is what Social Security payments will be like this 2024
The Social Security Administration has revealed that the average payments for all retired workers will increase to approximately $1,907 by 2024. For senior couples who both receive benefits, the average payouts will rise to $3,033. Additionally, other Social Security payments will also increase in 2024 due to the Cost of Living Adjustment (COLA):
- Surviving spouse with two children: $3,540 to $3,653
- Single elderly surviving spouse: $1,718 to $1,773
- Worker with a disability, his or her spouse, and one or more children: from $2,636 to $2,720
- All workers with a disability: from $1,489 to $1,537
For Supplemental Security Income (SSI) benefits, the standard federal payment will increase from $914 to $943 for individuals and from $1,371 to $1,415 for couples.
If you want to obtain an estimate of your 2024 payments, just add 3.2% to your current monthly payments. You will find the exact amount in the message center of your mySocialSecurity account or in the official notice that the SSA sends by mail.