In an unprecedented move, Social Security Administration declared that beneficiaries in the United States will experience a significant increase in their pension checks by 2024, thanks to the cost of living adjustment (COLA). This improvement was systematically implemented that year, resulting in larger and larger checks for beneficiaries.
This tax improvement is especially helpful for American retirees who rely heavily on these checks as their primary source of income. 2023 was notable in this regard, with a record COLA of 8.7%, raising the maximum Social Security check from $4,555 to $4,873 per month. As a result, the next retirement payment will reflect an increase of up to $318 compared to the previous year’s December payment.
2024 began with a 3.2% COLA increase, raising the maximum Social Security payout at retirement to approximately $4,873. That’s a significant jump from $4,555 in 2023.
The extra $318 is specifically for retirees on the maximum benefit level, but all Social Security payments enjoy a 3.2% increase. Other benefits, such as Supplemental Security Income, also saw increases due to the COLA.
Social Security Payment Schedule for January 2024
Social Security Administration payments are spread over several different days. On any of these days, beneficiaries can receive a check. In total, in the month of November, the Administration will send up to 5 different checks. Each of these checks is for a different group of retirees.
These are the paydays for the month of January:
- January 1. The additional social security payment for January was deposited to beneficiaries on December 29th, as the 1st is a holiday.
- January 3. Beneficiaries with a Social Security check before 1997 receive this benefit.
- January 10. Payment for pensioners after 1997 with a birthday between the 1st and 10th of each month.
- January 17. To receive this payment, you must have a birthday between 11-20 and have a post-1997 Social Security check.
- January 24. Last salary for the month. Pensioners after 1997 with a birthday between November 21 and 31 receive this day.
With this information, you can find out the exact day on which the administration will send you the salary for November.
Who Can Benefit From Social Security?
Social security is an extremely important program that provides financial assistance to various groups of people. First of all, it benefits pensioners who, after years of contributing to the system, receive a pension that helps them maintain a decent standard of living. In addition, people with disabilities that prevent them from working also benefit from these livelihood benefits.
Social Security also extends its support to the spouses and children of beneficiaries, providing them with some financial stability in the event of the death or disability of the primary provider. In addition, in some cases, survivors of a deceased worker, such as spouses and children, may receive benefits.
People with low incomes and limited resources can get help through specific social security programs. Through these mechanisms, social security aims to provide a financial safety net that contributes to the stability and well-being of many citizens.