Will I get an extra $60 in Social Security and the 2024 COLA increase today?

The Social Security Administration (SSA) just started sending payments in December. For example, December 1st will be the pay day for those receiving retirement benefits before May 1997. If you received disability benefits (SSDI) before May 1997, this will also be your pay day.

People who receive supplementary insurance income and Social security also cash their checks on December 1st. For one thing, they will receive their SSI payment because it is always due on the first of the month. On the other hand, they will get theirs Social security payment.

Despite the fact that the administration sends retirement and SSDI inspections on the 3rd of the month, December 2023 will be an exception. As December 3rd is a Sunday, they are unable to process payments. Therefore, SSA sends money on the previous business day.

WILL CAR INSURANCE UPGRADE ON DECEMBER 1?

The administration will not send the 2024 COLA increase on December 1. In fact, these payments will not include Increasing social security as it will not be available to most beneficiaries until January. But there will be an exception.

December 1 will be Social Security pay day, but there will be no COLA increase for 2024
December 1 will be Social Security pay day, but there will be no COLA increase for 2024

The Social Security Administration announced that Supplemental Security Income recipients will receive the 2024 COLA jump on December 29, 2023. Therefore, they will be the first beneficiaries to receive the 3.2% increase.

It is true that there will not be as much money as in 2023. Remember that in 2023 CAR the increase was about 8.7%. Since it was the highest in more than 40 years, it will not be easy to achieve such a big boost in such a short time.

However, if you are only on SSDI or retirement benefitsyou won’t get a COLA increase until 2024. Social security will send 2024 COLA on January payments. The exact dates will be January 3, 10, 17 and 24.

HOW MUCH CAN I GET FROM THE 2024 COLA INCREASE?

This will depend on the amount of your Social security benefits. For example, if you just received $1,500, your payment for January would be $1,548. Those who receive a $2,000 check could receive $2,064 in 2024.

The administration also revealed that the average retirement payment is $1848 in 2023 and will 1907 dollars in 2024. Those of SSDI (disability benefits) receive about $1,489 in 2023 and their new amount will be about $1,537 in 2024 after the COLA increase.

There are also new maximum amounts for SSI beneficiaries. The biggest check they can receive will be $943 (singles), $1,415 (couples) and $472 (principals). They can reach 29 dollars extra per month. Pensioners can handle it 59 dollars average so they can get a bigger boost.

Those who file 70 years old and meet income and work history requirements, can receive up to $4,873 in 2024. Although high earners can receive as much Social Security Check, very unlikely.

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