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Seniors throughout the United States are set to receive extra social security payments starting in January due to a looming cost-of-living adjustment.
That’s because everyone receiving social security and supplemental security income checks is receiving a 3.2 cost-of-living increase. The Social Security Administration estimated in a press release that average benefits will rise by more than $50 a month, starting in January.
“Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,” said Kilolo Kijakazi, Acting Commissioner of Social Security, in the press release.
Here’s what you need to know:
The Social Security Administration Says People Are Getting a 3.2 Percent Cost-of-Living Adjustment in Their Checks
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According to the press release from the Social Security Administration, “Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 percent in 2024, the Social Security Administration announced today. On average, Social Security retirement benefits will increase by more than $50 per month starting in January.”
The press release notes, “More than 66 million Social Security beneficiaries will see the 3.2 percent cost-of-living adjustment (COLA) beginning in January 2024. Increased payments to approximately 7.5 million people receiving SSI will begin on December 29, 2023. (Note: some people receive both Social Security and SSI benefits).”
That’s not the only change. “Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $168,600 from $160,200,” the release says.
People won’t all receive their checks at the same time. It depends on a person’s birthday.
According to the Washington Examiner, “Retirees born between the first and 10th of a month will receive their first payments of the new year in eight days, on Wednesday, Jan. 10. Those born on or after the 11th of a month will receive their payments in one of the two later disbursements.”
People Started Being Notified of the Increases by Mail Starting in Early December
GettySocial Security checks could be bigger in the new year.
According to the news release, “Social Security begins notifying people about their new benefit amount by mail starting in early December. Individuals who have a personal my Social Security account can view their COLA notice online, which is secure, easy, and faster than receiving a letter in the mail. People can set up text or email alerts when there is a new message–such as their COLA notice–waiting for them in my Social Security.”
The release noted: “The Social Security Act provides for how the COLA is calculated. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as determined by the Department of Labor’s Bureau of Labor Statistics.”
However, CNBC notes that the COLA increase is less than the “8.7 percent COLA that went into effect in 2023.”
Newsweek reported that the “highest payment that top earners who retire at 70 can receive is $4,873 on January 10.”
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