Social Security beneficiaries eagerly awaited the announcement of the 2024 COLA increase, wanting to know when it would take effect and the precise amount they’d receive. The Social Security Administration (SSA) unveiled the 2024 COLA adjustment on October 12, 2024. While the increase is set at 3.2%, not everyone is aware of their updated payment amounts.
To illustrate, if an individual received $914 in 2023, they can anticipate a payment of $943 in 2024 if they remain eligible. It’s important to note that this increase is targeted at individuals with low incomes. If your financial situation improves, it is crucial to promptly report these changes to Social Security, as they may impact your eligibility.
What’s the Maximum Social Security SSI Benefit for Eligible Couples?
For couples receiving SSI, the 2024 COLA adjustment will raise the maximum benefit to $1,415, up from $1,371. This means beneficiaries will see an increase of approximately $44 per month in their Supplemental Security Income. The date when SSI beneficiaries will experience this COLA increase is December 29, which is an advance payment for January 1, 2024, as banks are closed on New Year’s Day.
As of September 2023, the average retirement benefit for workers stands at around $1,841. Consequently, they will enjoy a monthly increase of $58, potentially raising their total payments to nearly $1,900.
Spouses of retired workers may receive a smaller benefit, with an average payment of approximately $888.03 in the same month. In 2024, they can expect an increase to about $916. Like SSI payments, this boost amounts to an additional $28 per month. Those who receive Supplemental Security Income and collect the highest payments will find it simpler to grasp the changes. For them, Social Security will raise the maximum payment to $29.
The Maximum Social Security Benefit at Full Retirement Age
The Social Security Administration (SSA) has announced that the new maximum benefit at Full Retirement Age is $3,822 per month, marking a substantial increase from the $3,627 received in 2023. If you’re currently receiving retirement benefits, you may be eagerly anticipating your 2024 COLA adjustment.
The exact date of your 2024 COLA increase will depend on when you started receiving Social Security benefits. If you began before May 1997, you can expect your adjustment on January 3. For others, the payout will occur on a Wednesday, specifically on the second, third, or fourth Wednesday, depending on your birthdate.
The potential dates for receiving the 2024 COLA are January 10, January 17, and January 24. Social Security will prioritize individuals with birthdays in the first ten days of the month, followed by those born from the 11th to the 20th. The final payment, set for January 24, will go to those born from the 21st to the 31st.
Recipients of Social Security Disability Insurance (SSDI) will have the same payment schedule as retirees, but their average benefit checks, currently at $1,486, could increase to $1,533.