The new COLA increase could bring fantastic news for those on Social Security retirement benefits. Although the estimate is a 3.2% increase, it will not be the same for all retirees.
While some may cash an approximate increase of about 60 dollars, others may receive either more or even less money. Bear in mind that not all seniors cash the same amounts.
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So, those receiving the largest check will get more money thanks to the new COLA in January 2024. If you earn $4,555 on Social Security, you may get $145 dollars extra.
When will Social Security announce the new COLA to increase benefits?
In general, the Social Security Administration announces the new COLA increase on the same day as the Bureau of Labor and Statistics does it. Therefore, it is more than likely that the new COLA will be released on October 12, 2023.
However, this will only be useful for beneficiaries to know the exact amount of their checks next year. The new 2024 COLA will not start until the first payday of the new year.
Remember that those who always cash their Social Security checks first are those on Supplemental Security Income (SSI). In fact, they will collect their monthly payment before 2023 comes to an end.
This is because Social Security sends checks in advance and not on a holiday like New Year on January 1, 2024. So, if those on SSI get the maximum amount in 2023, $914, they may receive about $943 with the 3.2% increase.
Not only may the new COLA be positive because beneficiaries get more money, but also because it is going up a little more than it was expected a few months ago.
Some experts believed the 2024 COLA could even been about 2%. What is more, gas prices have gone up and affected inflation. If seniors do not spend much money on gas, they get more money and do need to buy expensive gas. Thus, this is a win-win situation.