Social Security will increase benefits in 2024. This is when you will receive the cost of living increase.


Former Maryland Governor Martin O'Malley Confirmed as Leader of the Social Security Administration

Former Maryland Governor Martin O'Malley Confirmed as Leader of the Social Security Administration 00:25

The country's 72 million Social Security beneficiaries are just days away from receiving an increase in their monthly benefits.

The 2024 cost of living adjustment, or COLA, is set for a 3.2% increase, the smallest increase in three years. This is because the Social Security Administration bases its annual adjustment on the inflation rate, which has been rapid cooling.

By comparison, recipients in 2023 received a historic 8.7% increase to keep up with the highest inflation in four decades.

Although the new COLA increase will take effect with December benefits, those payments will reach most beneficiaries in January. according to the Social Security Administration. With the increase, the average benefit check will increase by $49, rising to $1,907 from $1,858 this year, the agency said.

This is when Social Security beneficiaries will see higher amounts in their monthly checks.

COLA 2024: Social Security payment dates

The new COLA will take effect in January for most Social Security beneficiaries, with the notable exception of Supplemental Security Income (SSI) recipients, who will receive their payments early this year, according to the agency's report. . calendar.

  • December 29, 2023: The increase in benefits for the 7.5 million SSI beneficiaries in the country will begin this day. Typically, SSI payments are issued on the first of each month, but because January 1 is a holiday, recipients will receive their payments on the Friday before January 1.
  • January 3, 2024: If you started claiming Social Security before May 1997 or if you receive Social Security and SSI benefits, you will receive the new COLA in a check dated December 29, 2023, and your Social Security payment on January 3.
  • January 10 2024: If your birthday falls between the 1st and 10th of your birth month, then you will receive your first benefit check with the new COLA. For example, if your birthday is June 1, you will get paid that day.
  • January 17, 2024: If your birthday falls between the 11th and 20th of your birth month, you will receive your highest payment on that day.
  • January 24, 2024: If your birthday falls between the 21st and 31st of your birth month, your benefit check will reflect the new COLA on this day.

How much will I receive in my check?

That depends on your current benefit level, which is based on your earnings while working and other factors, such as your age when you first applied for Social Security. However, the overall boost should be 3.2% higher than the December check.

However, Social Security began sending letters to beneficiaries in early December to alert them of their new benefit amount. People who have a mySocialSecurity account can log in to the site to view their letter online.

Recipients must have registered with mySocialSecurity by November 14 to view their COLA notice on the site, the agency saying.

How does the 2024 COLA compare to previous years?

The 2024 benefit increase is larger than most years, but still smaller than what seniors received in 2022 and 2023. Here are the COLAs for the past decade:

  • January 2014: 1.5%
  • January 2015: 1.7%
  • January 2016: 0.0%
  • January 2017: 0.3%
  • January 2018: 2.0%
  • January 2019: 2.8%
  • January 2020: 1.6%
  • January 2021: 1.3%
  • January 2022: 5.9%
  • January 2023: 8.7%
  • January 2024: 3.2%

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