The Social Security Administration (SSA) announced the cost-of-living (COLA) for 2024 on Thursday, Oct. 12.
However, seniors and others who benefit from the program will not see the higher Social Security increase until January.
Here’s what you need to know.
Why won’t I see my COLA increase for 2024 right away?
The COLA goes into effect starting with December 2023 benefits, but most benefit recipients will not begin receiving payments until January 2024.
In fact, the SSA will send your January 2024 check on a specific day of the month depending on your date of birth.If your birthday falls on the first to the 10th of the month, for example, you will get your payment on the second Wednesday of the month. Social security check recipients, who fall under this category, will receive their first check with the COLA for 2024 by Jan. 10.
If your birthdate is between the 11th to the 20th of the month, your payments should arrive on the third Wednesday of each month. Recipients, who fall under this category, will get their first check with the COLA for 2024 by Jan. 17.If your birthday happens to be from the 21st to the 31st, your payments are scheduled for the fourth Wednesday of each month. If you fall under this category, your first check with the COLA for 2024 should arrive by Jan.
