Payments in retirement are not the same for all beneficiaries. Thanks to the annual increase retirees can get more money. The 2024 COLA boost is no exception.
All Social Security beneficiaries will get a 3.2% increase in their January payment. It is true that some seniors can collect up to $4,555 in 2023, but they need to wait until they are 70 to cash the maximum amount.
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Apart from that they must have worked for 35 years at least and earned the taxable maximum all that time too. This reduces the chances of getting such a large payment. In fact, there is a group of retirees that will not benefit from the 2024 COLA as much as others.
Who will receive less money from the 2024 COLA?
As a matter of fact, there is a group of seniors who will get fewer dollars from the 2024 COLA. This is because their age to file is the one that gets a larger reduction from the Administration.
If you are 62 years old, you will get less money with the 2024 COLA. This is because you are receiving 30% less due to early filing. Therefore, you belong to the group that collects less money from Social Security.
For example, if you qualify for the largest Social Security payment in 2023, you can tell the difference between the maximum amounts at different ages. At 62, the largest check is $2,572.
If you are eligible for the largest check at Full Retirement Age, you may collect up to $3,627. The group of seniors who are 70 years old and can get the maximum amount receive up to $4,555. So here you can see how those at the age of 62 receive a smaller payment.
Who can also receive less money than 62-year-olds for the 2024 COLA?
On the one hand, you may receive a small 2024 COLA boost if your payment is small. Regardless of your age, a 3.2% increase may just be a few extra dollars per month if you just earn a very small check.
Those on Supplemental Security Income will also get little money. Do not forget that the maximum amount for SSI is just $914. So, if you qualify for that amount, you will just get $29 extra per month.
However, very few recipients can collect the maximum amount. On average 65-year-olds and older on SSI received $552.99 as of September 2023. So this is another group of SSI beneficiaries who will receive a lot less than others from the 2024 COLA increase.
In fact, this group of seniors on SSI may just get $569 in 2024. This 2024 COLA boost will be about 17 dollars extra per month. Essential persons will also get less money than other beneficiaries. The current amount is $458 and the new one is $472, so about 14 dollars extra per month.