It was last October 12, 2023 when Social Security Administration announced the COLA increase for 2024. However, only four groups of beneficiaries received a boost.
December 29 was the date when the administration began sending additional money for a cost of living adjustment. Social security claims that the average benefit increase is $50 for all beneficiaries.
However, pensioners can benefit from a higher average increase. As of December 2023, the average Social Security retirement check was about $1,848. Since it is around $1,907 in 2024, retirees can enjoy an extra $59 a month from January onwards.
PENSIONERS GET $59 EXTRA THIS WEEK FROM SOCIAL SECURITY
The last group of pensioners getting their COLA increase is as follows. If you received pension benefits after or in May 1997 but not before and your birthday is from 21-31, you will receive this payment with a COLA increase. But what are the possible amounts?
The possible amounts are endless because each worker may be in a different situation. Depending on the age you filed, the number of years you worked, and your previous earnings, you may get more or less money.
If you worked for 35 years and earned the taxable maximum for 35 years, your Social security the check will be large. Also, if you file at age 70, your check will be the largest in 2024.
The maximum benefit is 4873 dollars in 2024, compared to $4,555. If you filed at full retirement age in 2024, the maximum you can receive is $3,822. It could be $2,710 meeting the same requirements (earning the taxable maximum for 35 years) if you file at 62.
WHEN WILL PENSIONERS GET THE CAR INCREASE THIS WEEK?
January 24 is the day this group of retirees will receive theirs COLA increase. Getting 3.2% extra per month may not seem like enough, but it's actually better than a lower COLA or reduction.
Social security will send average payments of $1,907 up from $1,848 in December 2023. Last year's COLA increase was 8.7%, which is why many consider this increase a disappointment.
If you have not applied for Social security however, make sure you know that early retirement can reduce your check by 30%. Slowdown can increase it by up to 24%. So, be wise and estimate your future expenses.
As for the first February payment, it will be on February 1st for SSI recipients. February 2nd will be your payment day if you have started cashing out Social security benefits before May 1997