Social Security recipients will get a 3.2% cost-of-living adjustment on their 2024 benefits check. At this time, more than 71 million Americans receive these checks, and all will witness an increase in their payments this year, 2024.
Before you rush to opt in, know that the increase adds only about $50 per month on average to each check. However, it will continue throughout January and the rest of the year.
The raise has already hit some accounts and is a cost-of-living adjustment. The Social Security Administration says it will help recipients stay ahead of their expenses.
This is the third time in a row that there has been an increase in the benefit payment. And we have inflation to blame.
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The previous increases came in 2022 and 2023, respectively. In 2022, there was a 5.9% increase, and in 2023, there was a whopping 8.7% increase. Only Americans receiving Social Security and Supplemental Security Income (SSI) will enjoy the increase.
As of November 2023, the average monthly Social Security benefits the government paid out was $1,711, while the average monthly SSI benefit was $674, according to the Social Security Administration. The new cost-of-living adjustment will see recipients receive higher amounts.
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Social Security benefits are often sent out depending on the day of a recipient’s birth. A beneficiary born between the 1st and 10th of the month will receive payments on the second Wednesday of the month.
Such a person will be eligible to enjoy the increase as early as January 10. This is when those eligible for the first cost-of-living increase will receive it.
Beneficiaries with birthdays between the 11th and 20th of the month will receive payments on the third Wednesday. This means they get the first cost-of-living increase on January 17.
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And finally, those born from the 21st to the 31st of the month will receive payments on the fourth Wednesday. Their first cost-of-living increase will be reflected in their checks on January 24.
SSI benefits usually come in on the first of the month. However, because January 1 is a federal holiday, checks were distributed the Friday before. Thus, SSI recipients saw their first cost-of-living increase on December 29, 2023.
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