Big changes are coming for the millions of American retirees in 2024. If you are retired or receiving disability benefits, congratulations, Social security will send updated and financially enhanced checks.
COLA is to blame. As we at Vibus have explained in previous articles, all Social Security beneficiaries will receive a 3.2% increase.
If until then the maximum payment for retirement at age 70 was $4,555, in 2024 they will receive $4,700, which is a big relief in the face of rising prices.
What will the COLA increases be in 2024?
Below we have developed a table explaining the maximum increases of Social security payments for 2024.
This table is segmented by age and retirement age.
Payments will be maintained on the dates specified, with the second Wednesday of each month being the first Social Security payment for those born 1-10.