It was last October 12, 2023, when the Social Security Administration announced the 2024 COLA increase. However, only four groups of beneficiaries have received the boost.
December 29 was the date when the Administration started sending extra money for the Cost of Living Adjustment. Social Security claimed that the average benefit increase was $50 for all beneficiaries.
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Nevertheless, retirees can take advantage of a higher average increase. As of December 2023, the average Social Security retirement check was about $1,848. Since it is about $1,907 in 2024, retirees can enjoy $59 extra per month from January onward.
RETIREES RECEIVING $59 EXTRA THIS WEEK FROM SOCIAL SECURITY
The last group of retirees receiving their COLA increase is the following one. If you have been on retirement benefits after or in May 1997, but not before and your birthday is from 21-31, you will get this payment with a COLA boost. But what are the possible amounts?
The possible amounts are endless because each worker may be in a different situation. Depending on the age you filed, the number of years you worked for, and your previous earnings you may get more or less money.
If you have worked for 35 and you earned the taxable maximum for 35 years, your Social Security check will be a large one. Besides, if you also file at the age of 70, your check will be the largest in 2024.
The maximum benefit is $4,873 in 2024, up from $4,555. If you filed at Full Retirement Age in 2024, the maximum you can get is $3,822. It could be $2,710 meeting the same requirements (earning the taxable maximum for 35 years) if you file at 62.
WHEN WILL RETIREES RECEIVE THE COLA BOOST THIS WEEK?
January 24 is the day when this group of retirees will receive their COLA increase. Getting 3.2% extra per month may not seem enough, but it is actually better than a lower COLA or a reduction.
Social Security will send average payments worth $1,907, up from $1,848 in December 2023. Last year’s COLA boost was 8.7%, which is why many feel this increase is a disappointment.
If you have not filed for Social Security yet, make sure you know early retirement can reduce your check by 30%. Delaying can increase it by up to 24%. So, be wise and work oout your future expenses.
As for the first February payment, it will be on February 1 for SSI recipients. February 2 will be your payday if you started cashing Social Security benefits before May 1997.