In just a few months United States citizens will be able to get a new Social Security check with the 2024 COLA added. However, this COLA will not be as large as in the current year.
The final announcement of the annual Social Security check increase has disappointed thousands of Americans who will get a much smaller check than they thought. And that is because the 8.7% increase in retirement payments in 2023 was a record increase.
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The final figure in the COLA increase will be 3.2%. This figure will make benefits not go up as much as we would like, but enough to combat inflation somewhat.
Still, even if the maximum figure of $4,555 is going to increase, this check seems insufficient. This is especially so when we consider that retirement payments are proving to be somewhat underfunded in recent years.
WHEN IS THE COLA COMING TO THE SOCIAL SECURITY CHECK?
Although the COLA announcement was made last October 12th, the Social Security payment will not add the extra 3.2% until January 2024. Therefore, we must wait a few months to enjoy this annual increase.
The best part of all this is that you don’t need to do anything to get the payment increase. Likewise, any of the checks Social Security issues will have the COLA added to it. So if you collect Supplemental Security Income, retirement benefits or something else, you will still get the increase.
In the month of October a new check will arrive in just a few days, but this payment will not have the COLA added to it. The next payment day will be October 18th and will come to post-1997 retirees with birthdays between the 1st and 10th of the month.