In October, the SSA Social Security Administration announced a 3.2% increase in the cost-of-living adjustment (COLA) for the year 2024. This enhancement, calculated each year based on the Consumer Price Index changes for Urban Wage Earners and Clerical Workers, is designed to counteract the diminishing effects of inflation on the buying power of beneficiaries.
This rise of 3.2% will affect payments under both Social Security (encompassing retirees, survivors, and SSDI recipients) and Supplemental Security Income (SSI). Beneficiaries will see a financial boost for the next year, with an average additional monthly amount of about $59 for certain recipients. Currently, the average monthly payment for all retired workers is $1,848. With the expected 3.2% increase in 2024, these payments are projected to ascend to $1,907 per month.
Which beneficiaries will get an extra $59 each month in Social Security?
For elderly couples both receiving benefits, the average payment will jump by $94, from $2,939 to $3,033. A surviving spouse with two children will see their average benefit go up by $113, from $3,540 to $3,653. A single older surviving spouse will likely see a monthly increase of $55, changing their benefits from $1,718 to $1,773. Additionally, the average benefits for disabled workers and their families will go up by $84, from $2,636 to $2,720.
All individuals with disabilities will observe an average benefit rise of $48, increasing from $1,489 to $1,537, as per the SSA’s report.
Regarding SSI benefits, the standard federal payment for an individual will go up by $29, to $943 from the current $914. Couples will experience a $44 increase, with their benefits rising from $1,371 to $1,415.
When will these raised payments start?
The COLA will be applied to Social Security and SSI payments beginning in January 2024. Since January 1, 2024, is a holiday, the first enhanced SSI payment will be issued earlier, starting on December 29, 2023. The other increased Social Security payments will be distributed according to this schedule:
- January 3: Benefits for those who began receiving payments before May 1997
- January 10: Payments for beneficiaries born from the 1st to the 10th of the month
- January 17: Payments for beneficiaries born from the 11th to the 20th of the month
- January 24: Payments for beneficiaries born from the 21st to the 31st of the month
For detailed payment dates of Social Security benefits for the year ahead, refer to the SSA’s complete payment schedule for 2024.