The Social Security Administration (SSA) is making a really big effort to increase benefits in 2024. Good news for more than 71 million Americans who qualify for an increase in their benefits.
However, that will mean spending more money every month from the Social Security funds. Thanks to the new Cost of Living Adjustment, there will be a 3.2% extra per month.
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Regardless of your Social Security payment or SSI check, you will receive 3.2% more. The thing is the number of dollars extra you receive may vary. This is because not all beneficiaries collect the same payment amounts.
SOCIAL SECURITY RETIREMENT BENEFITS AND THE COLA IMPACT
The Administration has informed Americans that the average retirement benefit is about $1,848 in 2023. If it goes up 3.2%, it will become $1,907 after the 2024 COLA boost. But what if you do not qualify for that amount?
Some seniors may just receive $1,000 from Social Security. If that is your case, your new retirement check will be $1,032 in 2024. If the check you receive were just $500 dollars, it would turn into $516.
Imagine your payment was $600, it would be $619 after the Social Security increase. For a check worth $700, you could get about $722 in 2024. Those who receive 800 dollars will get approximately $825.
The new maximum amounts are $4,873 if you file at 70 in 2024 or $2,710 if you retire at 62. Those who opt for filing at Full Retirement Age can receive up to $3,822 in 2024.
COLA IMPACT ON SSDI AND SSI IN 2024
SSDI are disability benefits and the new maximum amount will be $3,822 in 2024. Average SSDI payments will be worth $1,537, up from $1,489. Therefore, beneficiaries can get about 48 dollars more per month.
This could have a really positive impact on your finances because it means collecting $576 in just one year. SSI beneficiaries will be the first ones to receive the COLA increase from Social Security.
However, they will receive fewer dollars because their SSI maximum amounts are lower. For example, an essential person just collects $458 in 2023 or $472 in 2024. So, they will just receive 14 dollars extra per month. In just one year they will only receive $168. It will have a positive impact but it may not be enough.
Social Security has announced its next payment for December 29. Married couples can get payments worth up to $1,415 on that date. A single person may qualify for checks of up to $943, up from $914 in 2023. Make sure you apply for SSI if you are on a low income. Retirees and people on SSDI can also apply for SSI now.