The new COLA (cost of living adjustment) for 2024 is 3.2%, well below last year’s increase, which was the highest on record. According to the Social Security Administration (SSA).
Social Security recipients received an 8.7% COLA increase in 2023. This was an increase in Social Security that broke records set decades ago.
The last time a higher COLA was announced for 2023 and beyond was in 1981, when the COLA was 11.2%.
If you receive Social Security, here’s what you need to know about how the new COLA will affect you.
How much does a COLA increase my Social Security payments?
Here are the COLA results: $59 more per paymentThe average Social Security check is $1,906.
According to the Social Security Administration (SSA)The average monthly benefit as of September 2023 is $1,706.98.
Who is eligible for the Social Security COLA increase?
Anyone who is eligible to receive Social Security benefits, including retirees age 62 and older, the disabled, and the visually impaired, is eligible to receive a COLA associated with their Social Security benefits.
In some cases, a spouse, surviving spouse, or surviving dependent may also be able to collect Social Security and receive an associated increase in Social Security. According to the Social Security Administration (SSA).
In what months will my Social Security COLA increase?
COLA takes effect From December 2023 benefits. However, most benefit recipients will not start paying until January 2024.
In fact, SSA will send out your January 2024 check on a specific day each month, depending on your date of birth.
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