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Social Security COLA Update: Expect An Increase in Your Social Security Checks This 2024

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Source- The Motley Fool

If you are one of the Social Security beneficiaries, then you better look out for an increase in your social security COLA checks next year. 66 million recipients will receive a 3.2% social security COLA increase at the start of 2024 due to escalating inflation.

Social Security COLA increase in 024 (Photo: en.tododisca)

Social Security COLA Increase In 2024

SOURCE– The social security COLA will be getting a 3.2% increase due to rising inflation. The 3.2% increase in the recipient’s social security COLA means that more than 66 million beneficiaries can expect much higher payments in their social security checks next year.

Every year, the Social Security Administration (SSA) determines the cost-of-living adjustment for social security payments. The cost-of-living adjustment (COLA) is based on the percentage increase in the customer price index.

The increase in social security COLA will raise the recipients’ payments by 3.2%, which means that it will raise the average monthly payments by more than $50.

READ ALSO: IRS To Send Stimulus Checks In November; Check If You Are Eligible

When Will I See the Increase in My Social Security COLA Payments?

According to CNET, recipients will start to notice the increase in social security COLA in their checks starting in January 2024.  Here are the dates when your increased social security COLA payments will be sent out:

If your birthday falls between the 1st and 10th of the month, your increased payment will be sent out on the 2nd Wednesday of January 2024; if your birthday is between the 11th and 20th of the month, your increased payment will be sent out on the 3rd Wednesday of January 2024; and lastly, if your birthday is between the 21st and 31st of the month, your increased payment will be sent out on the 4th of January 2024.

READ ALSO: SNAP Food Benefits Won’t Immediately Be Affected By The Government Shutdown—WIC Benefits On The Other Hand Is Another Story

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