Social security will send a new one payments and new amounts after 2024 COLA is growing. If you’re wondering what COLA means, it’s simply the cost of living adjustment.
This is the way to Social security to increase benefits and help beneficiaries maintain their purchasing power. Inflation causes the prices of goods, food and services to rise, so retirees, SSDI or SSI can suffer the most, and not just financially.
Despite the fact that there are two more Social security pension payments remain, none of which will include the new COLA. In fact, December 29th will be the day about 5 million Americans will receive their new COLA increase.
WHO WILL GET SOCIAL SECURITY’S 3.2% COLA INCREASE FIRST?
Even if SSI payments are not funded by Administration, SSA arranges their payments. In fact, SSI recipients will be the first beneficiaries to receive an additional 3.2% per month on December 29. 2023.
If this is your first SSI payment, it might surprise you that it’s coming by the end of the month. The reason you don’t get it on January 1st is because that day is a holiday.
Then Social Security Administration confirmed that the January SSI checks will arrive on December 29 instead. Undoubtedly, this is great news because this payment is for low-income families.
Because everything is so expensive, millions of Americans rely on credit cards to get by. This is especially dangerous because interest rates are also really high. So you may not have enough money if you are only on Social security to return it.
MOST RETIREES AND SSDI BENEFICIARIES WILL RECEIVE A COLA INCREASE IN 2024.
First retirees or SSDI recipients to cash in the extra money Social security will be those who first applied for aid. So if you started receiving benefits before May 1997, your COLA increase will arrive on January 3rd.
If you are not eligible for this Social security payment, you should pay special attention to your date of birth. This will be how the administration organizes the payments each year.
For example, if your birthday is on the 1st of the month, your check will be in your bank account on January 10, 2024. Social security sends these payments on the second Wednesday of January if your birthday is 1-10.
Those whose birthday is from 11 to 20 will get theirs CAR increase on January 17. The last to receive the COLA increase will be those whose birthdays are 21-31. Average SSDI and retirement checks will be $1,537 and $1,907 respectively in 2024 SSI checks up to $943 (single) or 1415 dollars (married).