Payment Boosts for Social Security in 2024. The announcement of the 2024 COLA increase was eagerly awaited by Social Security beneficiaries, who wanted to know when it would take effect and the exact amount they would receive. Social Security Administration (SSA) announced the 2024 COLA adjustment on October 12, 2024. Although the increase is set at 3.2%, not everyone is aware of their new payment amounts.

What to Expect in 2024

An individual who received $914 in 2023 can expect to receive $943 in 2024 if they remain eligible. This increase is intended to benefit those with low incomes. It is imperative that you notify Social Security as soon as possible if your financial situation improves, as it may affect your eligibility.

Maximum Social Security SSI Benefit for Eligible Couples

Couples receiving Supplemental Security Income will see an increase of $44 per month in their Supplemental Security Income as a result of the 2024 COLA adjustment to $1,415, up from $1,371. This increase will result in an increase in their benefit of approximately $45. COLA increases for SSI beneficiaries will take effect on December 29, 2024, since banks are closed on New Year’s Day.

By September 2023, the average retirement benefit for workers will be around $1,841. As a result, their monthly benefit may increase to nearly $1,900.

Changes for Spouses of Retired Workers

The average monthly benefit to spouses of retired workers will be approximately $888.03 in 2024. They can expect a $28 boost similar to SSI payments in 2024 to about $916. For people who receive Supplemental Security Income and receive the highest payments, the changes will be easier to understand. For them, Social Security will increase their maximum payment to $29.

Maximum Social Security Benefit at Full Retirement Age

Social Security Administration (SSA) has announced that the new maximum benefit at Full Retirement Age will be $3,822 per month, up from $3,627 in 2023. You may be eagerly awaiting your 2024 COLA adjustment if you are currently receiving retirement benefits.

COLA Increase Dates and Details

According to when you began receiving Social Security benefits, your 2024 COLA increase will take effect on January 3. If you started before May 1997, you can expect your adjustment on January 3. Depending on your birthdate, the payout will take place on a Wednesday.

The potential dates for receiving the 2024 COLA are January 10, January 17, and January 24. Social Security will prioritize individuals with birthdays in the first ten days of the month, followed by those born from the 11th to the 20th. The final payment, set for January 24, will go to those born from the 21st to the 31st.

SSDI recipients will have the same payment schedule as retirees, but their average benefit checks, which are currently $1,486, could increase to $1,533.

Conclusion

the 2024 Social Security COLA adjustments promise crucial financial boosts for beneficiaries. Whether it’s retirees, SSI recipients, or those on disability, staying informed about these changes is essential for a more secure and prosperous future.