United States citizens who have already accepted a Social Security benefit will soon be able to find out about the COLA increase for the year 2024. This increase happens every year and is very helpful to be able to get a little extra money every month.
The purpose of the COLA is none other than to keep Social Security beneficiaries from losing purchasing power. Thanks to this annual increase, many Americans will get a check in excess of $4,555 per month.
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With each new year, the COLA starts at the beginning. From the first benefit payment of the year there is the added increase. But the COLA announcement is made a few months earlier. To be exact, the month of October is the time when the United States Administration and Government make the announcement.
This means that in this same month we will see the annual COLA increase and we will be able to know what the exact figure will be. Once we know the exact amount we will just have to wait to get that increase.
WHEN WILL BE THE ANNOUNCEMENT OF THE 2024 SOCIAL SECURITY COLA?
In just a few days the Social Security Administration will directly announce the amount of the 2024 COLA increase. After that we will just have to wait to start cashing checks with the increase added.
The exact day of the announcement will be October 12. So within the next week we will be able to know what the exact figure will be. If in the end the assumptions are true, we may see a 3.2% increase in benefits.
The first of the checks that will have this increase will be the January Supplemental Security Income. However, the payment will not come in January, but will appear in December of this year 2023 due to a timing irregularity.
Regardless of whether we have SSI accepted or not, the first of the 2024 Social Security checks will also have this COLA increase added to it. The payment will arrive on the 3rd day of January and will be for pre-1997 retirees only.