The payment of Social Security benefits in the United States depends on several factors. If we want to know the day on which we get each payment, we only need to know which group of retirees we belong to. On the other hand, the amount we get each month depends on our work history.
So by maximizing our work history we will be able to get the biggest check possible. This is in our hands and we can modify it, but the day we get the check each month we cannot change it. At the moment we retire, the day on the calendar on which we receive our paycheck is marked and this is irremovable.
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In relation to all this we find the COLA. This COLA causes the monthly Social Security checks to get an increase. And in this year 2024 we will not have a record increase, but we will see the checks increase, which is always good news.
The first of the payments with this increase will be tomorrow, January 3rd, but it’s good to keep in mind that the rest of the payments will also get this extra money. We should not worry if we do not get the January 3rd payment, as the other payments for the rest of 2024 will have the Social Security COLA included as well.
How much will Social Security checks increase in 2024?
Each Social Security check will get its own increase. And that increase will be the same for all beneficiaries. By this we mean that each check will increase by a fixed percentage. It is not possible to get a COLA higher than 3.2%, nor is it possible to get a lower COLA.
In this sense, knowing how much the monthly check will increase is very easy. By simply adding 3.2% to our monthly benefit we will have the exact amount of money we will get. If we have a check for $2,500 per month, for example, the payment will go to approximately $2,580.
And this increase will take effect on all checks. It doesn’t matter if the payment is for disability, retirement or any other reason. The important thing in these cases is to get a monthly payment and from there we will see the COLA increase not only in 2024 but for the rest of the year.
When does the new retirement check arrive in January 2024?
In January 2024 we will see a new maximum check from Social Security, but we should also keep in mind that each beneficiary gets paid on a different day. Just by looking at the calendar we will know perfectly well at what time of the month we will get the benefit.
Thus, these are the retirement payment days in January 2024.
- January 3rd.
- January 10th.
- January 17th.
- January 24th.
January 3rd will be for beneficiaries with a retirement prior to 1997. Retirees retired after that year will be paid on the other three days. Also, there are other requirements for January 10th, 17th and 24th. January 10th is for retirees with birthdays between the 1st and 10th of the month. January 17th is for beneficiaries with a birthday between the 11th and 20th of the month. Finally, January 24th is for retirees with birthdays between the 21st and 31st of any month.
The type of retirement does not matter and neither does the amount to belong to one of these groups. Only the year of retirement and the day of the birthday matter. There are no other important data in this regard, so we should not worry about the rest of the information but only about these two data.