With each new year that begins, Social Security beneficiaries in the United States may see changes in their benefits. Although for some Americans these changes mean something positive, some may see a negative side to them. It all depends on the individual’s point of view.
What is certain is that as of January 2024, Social Security will never be the same. The changes to this type of benefit will take place starting in January and will apply to all benefits for the entire year. After that, it is possible that in January 2025 we will see changes again, although that is not yet certain.
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The beginning of the year is always synonymous with changes for Social Security beneficiaries. And while changes are usually good, some have the opinion that this year’s changes implemented by the COLA and other elements are not enough to ensure the welfare of retirees. But it is certain that the checks will increase, so we already have some good news.
Although we already know the COLA figure for 2024 we will still have to wait until January to see retiree checks increase. This means, therefore, that even if some get advanced Supplemental Security Income in December 2023, the Social Security retirement payment will arrive on the usual dates. There will be no advance in this benefit.
WHAT IS THE BAD NEWS FOR SOCIAL SECURITY BENEFICIARIES IN 2024?
The biggest bad news for Social Security beneficiaries regarding the 2024 changes is nothing short of an insufficient COLA. With such a large increase in all prices across the board, a 3.2% COLA is not enough to afford all payments.
Even in Medicare we will see some increase for many retirees. This will mean that part of this Social Security check will be spent on something totally necessary and, in many cases, mandatory. These medical expenses are unavoidable for thousands of United States citizens, so for them the increase does not seem so obvious.
While it is true that we may find ourselves with up to $145 extra in the case of the largest Social Security checks, that money may end up being spent on regular bills. All in all, the bad news for retirees is that the 2024 COLA will not be as large as the current 2023 COLA, which reached 8.7%.
FIRST SSA PAYMENT WITH THE ADDED COLA
The first of the Social Security retirement payments will arrive in 2024, but some retirees will be able to enjoy the added COLA in a check before it arrives next year. In order to do this we must meet two requirements.
In case we want to get this benefit earlier, it is mandatory to meet these two conditions:
- Have Supplemental Security Income.
- Activate Direct Deposit as a payment method.
The Social Security Administration will send out the January Supplemental Security Income check on December 29, 2023. This payment will include the COLA, so it will not have a maximum of $914, but of $943. So if you activate Direct Deposit you will be able to enjoy this payment immediately and you will have the money with the 2024 COLA in the year 2023.