The Social Security Administration (SSA) is gearing up for a positive change in 2024, bringing good news for beneficiaries. The annual adjustment to Social Security and Supplemental Security Income (SSI) payments is on the horizon, promising an increase to keep pace with the cost of living.
Discover how the upcoming 3.2% Cost of Living Adjustment (COLA) can significantly impact your Social Security and Supplemental Security Income (SSI) payments. This index is used by the federal government to make the programs and initiative to deal with the inflation.
2024 Cost of Living Adjustment (COLA): SSDI, SSI and Other Increments to Come
The heart of this announcement lies in the COLA adjustment for 2024. The SSA reveals a substantial 3.2% increase, a move designated at ensuring beneficiaries, including retired workers, survivors, and those on Social Security Disability Insurance (SSDI), enjoy a welcomed boost in their monthly payments.
Come January, beneficiaries, including retired workers, survivors, and those on Social Security Disability Insurance (SSDI), can anticipate the positive impact of the COLA increase reflected in their monthly payments. It’s a straightforward and automatic update designed to enhance your financial well-being without requiring any additional action from you.
Retired workers stand to benefit significantly from the upcoming adjustment. The average monthly payment for retirees will rise from $1,848 to an approximate $1,907. For those retiring at full retirement age, the maximum benefit will reach an impressive $3,822. Couples receiving benefits jointly will also experience a notable increase, jumping from $2,939 to $3,033.
Several Increments for the Social Security Programs in 2024
The positive adjustments extend to various categories, ensuring a broad spectrum of beneficiaries witness a favorable change in their financial landscape. Here’s a breakdown of the notable increases for 2024:
1. Surviving Spouse with Two Children
- 2023: $3,540
- 2024: $3,653
2. Single Elderly Surviving Spouse
- 2023: $1,718
- 2024: $1,773
3. Worker with a Disability, Spouse, and Children
- 2023: $2,636
- 2024: $2,720
4. All Workers with a Disability
- 2023: $1,489
- 2024: $1,537
Supplemental Security Income
Individuals reliant on Supplemental Security Income (SSI) are not left behind. The standard federal payment for SSI recipients will climb from $914 to $943, and for couples, it will increase from $1,371 to $1,415.
All the increments mentioned above will come into play as scheduled, in January 2024. As a special note, due to the New Year’s holiday, the initial increased SSI payment will be disbursed on Friday, December 29, 2023. Subsequent payments will follow a personalized schedule based on the recipient’s birthdate.
The exciting news is that the COLA increases will indeed apply automatically in January 2024. You can look forward to a seamless and hassle-free process, as the SSA ensures that the adjustments take effect without any extra steps on your part.