COLA refers to the Cost of Living Adjustment. Actually, it is the way the Social Security Administration maintains the buying power of retirees and people with a disability on benefits.
Usually, there is an increase because inflation goes up. If there is no inflation, there could be no increase at all. As the Consumer Price Index reached 3.2% in the third term, that is the figure Social Security will use to work out your new payments. Hence, COLA amounts are not the same every year.
That is why there are millions of Americans who would like to know the exact amount of their January Social Security payments. These checks will include the new COLA. But there are some beneficiaries who will receive the 3.2% on December 29.
WHO WILL RECEIVE THE 2024 COLA INCREASE ON DECEMBER 29?
All SSI beneficiaries will get their January payment on December 29. Therefore, they will also receive their COLA boost on that same date. Getting the 3.2% boost will only be possible for them.
Regardless of the reason why they qualify for SSI, their increase will arrive on December 29. Then, if you are blind, have a disability, or are a senior and are eligible, your Cost of Living Adjustment boost will be in your bank account before 2024.
Of course, some banks may take longer to process payments, but the Administration will send them when they are due. It is advisable to wait for at least three mailing days for your check.
If you do not receive it, you can ask your bank first. If they did not receive it, you can then contact the Social Security Administration. Those who still do not know the new amounts with the COLA increase should know the following information.
WHAT ARE THE NEW SSI AMOUNTS WITH THE SOCIAL SECURITY INCREASE?
After the Social Security boost, the maximum amount for SSI will be 943 dollars if you are an individual. If you are 2 eligible beneficiaries because you are married, it will be up to $1,415 in 2024.
Do not forget that the maximum amounts are not for everyone. If you have other payments, your SSI will be less money. So, those seniors who get Social Security may expect a lower SSI check, just like those on SSDI.
Before COLA, the maximum amounts were $914 (single) or $1,371 (married). So, a single person on SSI will receive $29 at most. Married couples up to $44 extra per month.
The general feeling is that prices are too high and the 2024 COLA is not accurate for retirees and people on disability benefits. The positive thing is that you will get more money, regardless of the amount.