The United States is a country with a population of more tha 330 million inhabitants. Social Security sends payments to 71 million Americans approximately and many of them rely this money .
Thanks to the Cost of Living Adjustment that takes place every year, Social Security beneficiaries can continue having a similar buying power. Otherwise, they would become really poor over time.
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Luckily, the new 2024 COLA increase will be giving extra money to retirees on Social Security, SSI and SSDI beneficiaries. By now, you must be wondering when you will be able to cash a 3.2% extra per month.
Social Security and the date for the 2024 COLA
The Social Security Administration has stated that the new COLA boost will come into effect on January 1. Therefore, you cannot receive the new payment amounts in November.
However, there is one single exception. Supplemental Security Income beneficiaries should receive their first 2024 check on January 1. The thing is Social Security never sends money on a holiday.
Then, the have set a new date for the payment of Supplemental Security Income checks. By doing so, they are sending the new COLA boost for those on SSI on December 29.
Some seniors who have been long on SSI may have realised that there are some changes in the paydays. If you are new, the December 29 check is for January, it is not a bonus or extra payment. Remember that SSI beneficiaries will also receive a payment on December 1, so it could be misleading.
Who will receive the Social Security COLA in January and how much could they get?
There are four different payments in January. Since the January 1 SSI check has been rescheduled for December 29, the first payment in January will be on January 3.
The January 3 payment will only be for retirees on Social Security before May 1997. SSDI recipients may also receive it on January 3. After that, there will be three more rounds of Wednesday checks during the month of January.
January 10, 17, and 24 will be the rest of the paydays with the 2024 COLA jump. In order to be eligible you must pay attention to your birth date:
- Birth date from 1-10: retirement or SSDI payment on January 10
- Birth date from 11-20: retirement or SSDI payment on January 17
- Birth date from 21-31: retirement or SSDI payment on January 24
Bear in mind that there will be a 3.2% increase in Social Security. That means SSI checks will be $472 (essential person), $943 (single), and $1,415 (couple). The average payment will turn into almost $1,900 in 2024.
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The largest payment at 70 will be $4,873.SSDI checks will be about $1,533. Anyway, you’d better wait for the Administration to inform you of the exact amount of your check.