Your Social Security checks just got a boost, as the 2024 fiscal year unfolds. Thanks to the new 3.2% cost-of-living adjustment, you’ll see an increase starting with your January payment and every month thereafter. This applies to all Social Security recipients, including those who receive Disability Insurance or Supplemental Security Income.
The Social Security Administration keeps tabs on inflation by tracking the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Each year, they compare the average cost of groceries, gas, and other everyday items in July-September of the previous year to the same period in the current year. This percentage change determines the annual “cost-of-living adjustment” applied to Social Security benefits.
Mitigating the Impact of Inflation on Social Security Benefits
With the COLA increase set at 3.2%, the Social Security Administration projects an average monthly payment boost of over $50. To provide a clearer picture, the new average payments for 2024 across various recipient groups are detailed below.
Additionally, access the Social Security payment schedule and the Social Security Disability Insurance payment schedule for more information. Determine whether you need to file a tax return this year as a Social Security beneficiary by exploring further details on your financial obligations.
Average and Maximum Social Security Payments in 2024
According to the official SSA information, the average retiree will receive an increase of $58, for a total average payment of $1,885 per month. A worker with disabilities will receive an average increase of $47, for an average monthly payment of $1,530.
A senior couple, both receiving benefits, could claim an increment of up to $95, while their median payment will stand at $3,067. A widow or widower will get a boost of $55 to reach an average of $1,759. Finally, a widow(er) with two children will get a median increment
Regarding your payment dates, here is the schedule for the beneficiaries:
- If your birthday falls between the first and 10th of the month, your payment will be sent out on the second Wednesday of January 2024.
- If your birthday falls between the 11th and 20th of the month, your payment will be sent out on the third Wednesday of January 2024.
- If your birthday falls between the 21st and 31st of the month, your payment will be sent out on the fourth Wednesday of January 2024.
Supplemental Security Income (SSI) recipients typically receive payments on the first of each month, except in cases where it falls on a weekend or holiday. Consequently, these payments were disbursed in December 2023. For individuals who started receiving Social Security benefits prior to May 1997, their payments should have been received on January 3, 2024.