The Social Security Administration is about to increase the amount of your retirement benefits. Seniors aged 67 and older will soon be able to enjoy their new payment amounts.
Year after year, Social Security tries to update payment amounts. In this way, seniors do not lose their buying power as inflation goes up. Retirement can be expensive because there may be many medical expenses, so this boost is essential.
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The Cost of Living Adjustment (COLA) can be higher or lower and it depends on inflation. Sometimes there could even be a reduction after COLA. This has recently happened in Hawaii with SNAP benefits. Recipients are getting less money after the 2024 COLA. Luckily, retirees will get an increase soon.
RETIREMENT AMOUNTS AFTER COLA
The amount of your payment will depend on your previous earnings, work history, and retirement age. But if you get a payment worth $1,500 in 2023, it will become $1,548 in 2024. That is a 3.2% increase. But how much was it in 2023?
Yes, you were right. The 2023 COLA increase was much higher, 8.7%. Therefore, there is a difference of 5.5%. Undoubtedly, this is a massive difference when you live on a shoestring budget.
Anyway, Social Security has increased benefits more than in other COLAs. Average COLAs are about 2%. So, you can enjoy a higher-than-average COLA increase if you are receiving retirement benefits.
The average retirement benefits after the 2024 COLA boost will be $1,907, up from $1,848. Most Social Security beneficiaries will get an average increase worth $50, but retirees will get $59. The largest check will be $4,873, $3,822 at Full Retirement Age or $2,710 at 62 in 2024.
PAYDAYS FOR RETIREES WITH COLA BOOST
Some retirees can also get Supplemental Security Income (SSI). Those in retirement collecting SSI payments will get a COLA boost on December 29, but for SSI, not for Social Security.
SSI recipients will get 3.2% extra because they January payment will be sent on December 29. As their payday is a holiday, SSA has scheduled it for that date and three days in advance.
The Social Security Administration claimed that the next retirement checks for those seniors aged 67 or older will be on January 3, 10, 17, 24. Check eligibility below. Do not forget that you must apply for Social Security benefits. Plan it in advance and file for benefits when you are ready.
- retirees on Social Security before May 1997: payday on January 3, 2024.
- retirees whose birthday is from 1-10: payday on January 10, 2024.
- retirees whose birthday is from 11-20: payday on January 17, 2024.
- retirees whose birthday is from 21-31: payday on January 24, 2024.