The 2024 cost-of-living adjustment (COLA) increase has not been distributed yet. Even though Social Security declared a 3.2 percent raise on October 12, individuals aged 62 and older will have to wait a bit longer to see the updated amounts.
People receiving Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) will also need to wait for the new COLA figures. However, those on the Supplemental Nutrition Assistance Program (SNAP) received the 2024 COLA increase in October. This could be confusing for those who receive both SSI and Food Stamps.
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Typically, Social Security sends out the new COLA-adjusted payments in January. But, there’s one exception this time around. The first payment with the 2024 COLA increase will arrive on December 29.
When will SSI beneficiaries receive the Social Security COLA increase?
As a matter of fact, SSI (Supplemental Security Income) beneficiaries will cash the new amounts on December 29. Therefore, they will be the first Americans to collect the new checks for 2024.
For your information, the Social Security Administration (SSA) sends checks on the previous business days if your payment is due on a holiday. It is also the same if your payment arrives on the weekend, either Saturday or Sunday.
After the December 29 payment to SSI recipients, there will be four more checks. All of them will bring the 3.2% COLA jump. Those in retirement and SSDI benefits will cash their 2024 COLA increase on January 3 if they received benefits before May 1997.
January 10 will be payday for some Americans on Social Security from May 1997 onward. To be eligible you must meet another condition. Keep in mind that your birthday must be on one of the first ten days of the month.
If your birthday is from the 11th to the 20th, expect your check on January 17. The last chance to cash retirement or SSDI payments will be on January 24. But only if your birth date is from the 21st to the 31st. Paydays with 2024 COLA are:
- December 29: SSI
- January 3: retirement and SSDI
- January 10: retirement and SSDI
- January 17: retirement and SSDI
- January 24: retirement and SSDI
Social Security amounts with 2024 COLA increase
On average, Social Security benefits may increase by about 50 dollars. For example, if you cash an average retirement payment of about $1,841, you can receive about 58 dollars extra in January.
The new maximum amount for those who file at 70 in 2024 will be $4,873, up from $4,555. The largest check possible at 67 is $3,627 in 2023, and it will be $3,822 thanks to the COLA boost.
SSI (Supplemental Security Income) beneficiaries whether they qualified for being at least 65 years old, having a disability or being blind will cash up to $943 from December 29 said Social Security.
Married couples may collect payments of up to $1,415, up from $1,371. If you are on SSDI, the average payment is $1,486, so you may receive about $1,533 per month.