Millions of Americans are on Social Security retirement benefits. While some have just filed, others have been collecting a check for many years. Undoubtedly, these monthly payments are becoming more important in seniors’ lives.
Bear in mind that those retirees on Social Security who have been getting a check for longer have lost a lot of buying power. A report from the Senior League shows that some retirees may have lost about 40% of their purchasing power since 2000.
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The Social Security Administration increases your check every year inflation goes up, but it does not seem to be enough. Perhaps, using the CPI-W may not be as accurate as the one for seniors could be.
HOW MUCH WILL MY CHECK INCREASE BE IN 2024?
According to the Social Security Administration, there will be a 3.2% increase. So, retirees who have been receiving benefits before May 1997 will benefit from getting 3.2 percent more every month in 2024.
On average, all Social Security beneficiaries may get about $50 extra per month. The thing is the average check may not be realistic. Some seniors may receive larger or smaller payments than others.
For example, if you get $1,000 dollars per month, your new check will be $1,032. Those seniors on benefits before May 1997 who get $2,000 will receive $2,064 next year.
Imagine your payment was just $500, then your next check would be $516 in 2024. As you can see, it will depend on your personal situation. If you worked for more than 35 years, earned the taxable income all those years, and filed at 70 you could get up to $4,873 in 2024. But this is very unlikely.
RETIREES ON BENEFITS BEFORE MAY 1997 MAY ALSO GET SSI
If you were on Social Security retirement benefits before May 1997, your check with the new COLA increase will arrive on January 3, 2024. Those seniors whose payment is low can get SSI too.
SSI payments will arrive on December 29, rather than January 1. As New Year is a holiday, there will be no banks open. So, the Administration will send the money in advance.
If you get an average retirement benefit worth $1,849 and an average SSI check of $697 in 2024, you could cash about $2,546. However, you will need to wait until you receive the Social Security COLA notice.
The new SSI amount can be up to $943 (single individuals) or up to $1,415. If your retirement check is too low, apply for Supplemental Security Income and for Supplemental Nutrition Assistance Program. Both of them will help you make ends meet and fight food insecurity.