If you’re a Social Security beneficiary, be on the lookout for more money in early 2024. More than 66 million people receiving Social Security income receive 3.2% cost of living adjustment. increase due to rising inflation. People receiving SSI can expect to receive their first increased benefit later this year.
Each year, the Social Security Administration sets the cost of living adjustment amount for Social Security payments. COLA is based on a percentage increase Price index of consumer goods and services for urban and office workers from the third quarter of the previous year to the third quarter of the current year.
We’ll tell you how much you can expect your Social Security checks to grow next year. For more information, see the Social Security Payment Schedule and the Social Security Disability Payment Schedule.
How much will my Social Security tax be after the COLA increase in 2024?
The COLA increase will raise Social Security taxes by 3.2%. The Social Security Administration said it would raise average monthly payments by more than $50. Here are the average new payments in 2024 based on recipient groups.
Social Security COLA increase in 2024
|Category||Average monthly growth||Average check amount in 2024|
|An elderly couple, both receiving benefits||$95||$3,067|
|Widow(s) with two children||$113||$3,633|
When will I see the COLA increase on my Social Security check?
Starting in January 2024, you’ll notice an increase in the COLA amount on your monthly checks. Checks are paid on scheduled Wednesdays each month, so when you get a raise depends on your date of birth and when you started receiving Social Security benefits.
- If your birthday falls between the first and tenth of the month, your payment will be sent on the second Wednesday of January 2024.
- If your birthday falls between the 11th and 20th of the month, your payment will be sent on the third Wednesday of January 2024.
- If your birthday falls between the 21st and 31st of the month, your payment will be sent on the fourth Wednesday of January 2024.
Payments to Supplemental Security Income recipients typically arrive on the first of each month, unless it is a holiday or weekend. If you received Social Security benefits before May 1997, your payment should arrive on January 3, 2024.
For more information, check out the Social Security Cheat Sheet that tells you how your benefits work. Here’s how to apply for SSDI and SSI.