Social Security beneficiaries are getting another significant boost in their checks in 2024 due to inflation. The latest inflation numbers from August indicate that the cost-of-living adjustment (or COLA) for Social Security will be 3.2%, according to the Senior Citizens League.
Each year, the Social Security Administration determines the cost-of-living adjustment for Social Security payments. The COLA is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers from the third quarter of the previous year to the third quarter of the current year.
If there’s been a yearly CPI increase (and there has been since 2022), the Social Security Administration will raise payments by the COLA. We’ll have a definite answer of the exact amount of the 2024 Social Security COLA on Oct. 12, when the final inflation numbers of the third quarter of 2023 are released.
We’ll tell you how much to expect your Social Security checks to increase next year. For more, here’s the Social Security payment schedule and the Social Security Disability Insurance payment schedule.
How much will my Social Security payment be with the 2024 COLA increase?
The COLA increase is currently expected to raise Social Security payments by 3.2%. Here are the expected average new payments for 2024, based on recipient groups.
Social Security COLA increase 2024
Category
Average monthly increase
Average 2024 check amount
Retiree
$58
$1,885
Worker with disabilities
$47
$1,530
Senior couple, both receiving benefits
$95
$3,067
Widow(er)
$55
$1,759
Widow(er) with two children
$113
$3,633
Because the COLA increase for Social Security payments is determined by inflation between the third quarter of 2022 and the third quarter of 2023, the official figure for 2024 won’t be set by the Social Security Administration until mid-October.
When will I see the COLA increase in my Social Security check?
Starting in January 2024, you’ll notice the COLA increase on your monthly checks. Checks are disbursed on scheduled Wednesdays each month, so when you get the increase depends on your birth date and when you started receiving Social Security benefits.
If your birthday falls between the first and 10th of the month, your payment will be sent out on the second Wednesday of January 2024.
If your birthday falls between the 11th and 20th of the month, your payment will be sent out on the third Wednesday of January 2024.
If your birthday falls between the 21st and 31st of the month, your payment will be sent out on the fourth Wednesday of January 2024.
Payments for Supplemental Security Income recipients generally arrive on the first of each month, unless it’s a holiday or weekend. And if you’ve received Social Security benefits before May 1997, your payment should arrive on Jan. 3, 2024.
For more details, check out this Social Security cheat sheet that tells you how your benefits work. Also, here’s how to apply for SSDI and SSI.
Disney will report its fiscal fourth-quarter earnings before the bell on Thursday, and Wall Street will be paying close attention to the state of its...
