Those collecting Social Security benefits will be getting an increase in their payments.
By 2024, Social Security checks for over 71 million people in the US will go up by 3.2%. This translates to roughly $50 more each month, with some of the checks already having been increased on Friday and the rest of the payments being sent out this month and in the following year.
The Social Security Administration states that the adjustment to payments is a cost-of-living raise that will help those receiving benefits maintain their expenses. This marks the third year in a row that inflation has caused a rise in the payments, however, the two preceding years saw more significant boosts: a record 8.7% in 2023 and a 5.9% increase in 2022.
Residents of the United States who get Social Security and Supplemental Security Income (SSI) will see a rise. Individuals who collect both Social Security and SSI will witness increases to their respective benefits due to the cost of living.
At the end of November, the Social Security Administration reported the average Social Security benefit as $1,711 per month and the SSI benefit as $674. Furthermore, the cost-of-living adjustment will increase these numbers.
Social Security payment calendar
The date of birth of the recipient is the basis for the payment of Social Security benefits.
-Recipients whose birthdays fall between the 1st and 10th will have their first cost-of-living increase in checks on the second Wednesday of the month (Jan. 10).
-Those whose birthdays are from the 11th to the 20th will be mailed their cost-of-living increase on the third Wednesday of the month (Jan. 17).
-Finally, those with birthdays between the 21st and 31st will receive the first cost-of-living increase in checks on the fourth Wednesday of the month (Jan. 24).
Payment of SSI benefits is usually made on the first day of each month. Nevertheless, due to the federal holiday on January 1, the checks were given out on the preceding Friday. Recipients of SSI received their first cost-of-living adjustment on December 29.
