Retirees who filed before 1997 will get that check increase starting in January 2024

Millions of Americans are on Social Security retirement benefits. While some have just filed, others have been collecting a checking for many years. Undoubtedly, these monthly payments are becoming increasingly important in the lives of seniors.

Note that these pensioners of Social security who were receiving a checking for longer they have lost a lot of purchasing power. A report by the Senior League shows that some retirees may have lost as much as 40% of their purchasing power since 2000.

The Social security Administration increases your checking every year inflation is growing, but this does not seem to be enough. Perhaps using the CPI-W may not be as accurate as it could be for older adults.

HOW MUCH WILL MY CHECK INCREASE IN 2024?

According to the Social Security Administration, there will be a 3.2% increase. So retirees who received benefits before May 1997 will benefit from receiving 3.2 percent more each month in 2024.

Average payments will increase by 3.2%, so your check will be bigger in 2024
Average payments will increase by 3.2%, so your check will be bigger in 2024

On average, all Social Security beneficiaries could receive about $50 extra per month. The thing is the average checking it may not be realistic. Some seniors may receive larger or smaller payments than others.

For example, if you receive $1000 dollars per month, your new checking it will be $1,032. Those retirees with benefits before May 1997 who receive $2,000 will receive $2,064 next year.

Imagine your payment is only $500 and then your next checking it will be $516 in 2024. As you can see, this will depend on your personal situation. If you worked more than 35 years, earned taxable income all those years, and filed at age 70, you could get up to $4,873 in 2024. But that’s highly unlikely.

RETIREES ON BENEFITS PRIOR TO MAY 1997 MAY ALSO RECEIVE SSI

If you received Social Security retirement benefits before May 1997, your checking with the new COLA increase arriving on January 3, 2024. Those low-wage adults can also receive SSI.

SSI payments will arrive on December 29th, not January 1st. Since the New Year is a holiday, there will be no banks open. So the administration will send the money in advance.

If you receive an average retirement benefit of $1,849 and average SSI checking of $697 in 2024, you could cash in about $2,546. However, you will have to wait until you receive the Social Security COLA notice.

The new SSI the amount can be up to $943 (individuals) or to 1415 dollars. If your retirement checking is too low, apply for Supplemental Security Income and the Supplemental Nutrition Assistance Program. Both will help you make ends meet and fight food insecurity.

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