$59 per month increases in Social Security: Who will receive it and when?
In October, the Social Security Administration (SSA) announced that the cost of living adjustment (COLA) for 2024 will be 3.2 %.
The COLA is calculated each year, based on changes in the Consumer Price Index for Salaried Workers in Urban Areas and Administrative Workers, with the objective inflation not affect the purchasing power of the beneficiaries.
This percentage, 3.2%, will be added to Social Security (retirees, survivors and SSDI) and Supplemental Security Income (SSI) payments, giving them a financial boost for next year and some beneficiaries will receive around $59 dollars more per month.
Social Security: who will receive an extra $59 a month?
This year, the average payments for all retired workers have been $1,848 a month. In 2024, with the 3.2% increase, they will increase to $1,907 each month.
On the other hand, the average payments for senior couples, where both receive benefits, will rise $94, from $2,939 to $3,033. Average benefits for surviving spouses with two children will rise $113, from $3,540 to $3,653
Average payments for single elderly surviving spouses will see an increase of $55, from $1,718 to $1,773. The average checks for workers with a disability, their spouse, and one or more children will rise $84, from $2,636 to $2,720.
Finally, average benefits for all workers with a disability will increase by $48, from $1,489 to $1,537, according to the SSA.
For Supplemental Security Income (SSI) benefits, the standard federal payment will increase by $29, from $914 to $943 for individuals, while couples will see an increase of $44 dollars, from $1,371 to $1,415 for couples.
You may be interested in: These are the most important changes to Social Security for 2024
When will increased payments begin to be sent?
The COLA is applied for the first time in Social Security and Supplemental Security Income (SSI) payments that correspond to January 2024.
Because January 1, 2024 is a holiday, the first increased SSI payment is brought forward and sent beginning on Friday, December 29, 2023. The remainder of the first increased Social Security payments will be sent on the following dates:
- Wednesday, January 3: Benefits for those who began receiving their payments before May 1997
- Wednesday the 10th: Payments for beneficiaries with a date of birth between the 1st and the 10th
- Wednesday the 17th: Payments for beneficiaries with dates of birth between the 11th and the 20th
- Wednesday the 24th: Payments for beneficiaries with dates of birth between the 21st and 31st
If you want to know the exact payment dates for Social Security benefits next year, visit: Social Security: What is the complete payment schedule for 2024?
