This year, good news for Social Security beneficiaries, as the monthly payments will increase thanks to the Cost-of-Living Adjustment (COLA), directly tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The U.S. Social Security Administration confirmed this adjustment late last year, ensuring automatic application to monthly benefits.
The exact date you’ll see this change depends on your usual payment schedule. Traditionally, SSI payments arrive at the month’s beginning. However, keep in mind that slight variations might occur due to calendar anomalies or holidays.
Social Security Payments Still to Be Disbursed This Month
According to the SSA, those with a birthdate between the 1st and the 10th of a given month, will be able to see how the money arrives in their bank accounts on the second Wednesday. Then, those with birthdates ranging from 11th and 20th, will get their money on the third Wednesday.
Finally, those who were born between the 21st and the 31st, will see the deposit reflected in their accounts on the fourth Wednesday of February. In summary, the payment dates, successively, are Wednesday, February 14th, Wednesday, February 21st and finally Wednesday, February 28th, just at the edge of the month-end.
Enhanced Social Security Payments and Revised Earnings Limits for 2024
The Social Security Administration (SSA) has announced significant changes impacting both benefits and earnings limits for 2024. These alterations provide much-needed relief to recipients amidst rising costs of living.
The SSA COLA, or Cost-of-Living Adjustment, aims to protect the purchasing power of Social Security and Supplemental Security Income (SSI) benefits from inflation. Each year, based on the Consumer Price Index, the SSA adjusts benefits to keep pace with rising costs. In 2024, this resulted in a 3.2% increase for most recipients, meaning higher monthly payments for retirees, individuals with disabilities, and their families.
Retirees can expect an average monthly benefit of $1,907 for individuals and $3,033 for couples, representing a notable increase from previous years. Individuals receiving disability benefits will see an average raise to $1,537 per month, with further increases for disabled workers with spouses and children, reaching an average of $2,720 per month.
Widows and widowers will also benefit from a boost, with the average monthly payment rising to $1,773. Widowed mothers with children will experience a significantly larger increase, averaging $3,653 per month.
Revised Earnings Limits:
- The maximum amount of earnings subject to Social Security tax will increase to $168,600 in 2024.
- For beneficiaries below full retirement age who are still working, the earnings limit will rise to $22,320.
- Additionally, the earnings limit for beneficiaries reaching full retirement age in 2024 will see an adjustment to $59,520.