Current:Home > MySocial Security is boosting benefits in 2024. Here's when you'll get your cost-of-living increase.-DB Wealth Institute B2 Expert Reviews
Social Security is boosting benefits in 2024. Here's when you'll get your cost-of-living increase.
View Date:2024-12-23 22:47:36
The nation's 72 million Social Security recipients are just days away from getting a boost to their monthly benefits.
The 2024 cost-of-living adjustment, or COLA, has been set for a 3.2% bump — the smallest increase in three years. That's because the Social Security Administration bases its annual adjustment on the inflation rate, which has been rapidly cooling.
By comparison, recipients in 2023 received a historic 8.7% increase to keep up with the hottest inflation in four decades.
Even though the new COLA increase will take effect with the December benefits, those payments will reach most recipients in January, according to the Social Security Administration. With the increase, the average benefit check will increase $49, rising to $1,907 from this year's $1,858, the agency said.
Here's when Social Security beneficiaries will see the higher amounts in their monthly checks.
COLA 2024: Social Security payment dates
The new COLA will go into effect in January for most Social Security recipients, with the notable exception of Supplemental Security Income (SSI) recipients, who will receive their payments early this year, according to the agency's calendar.
- Dec. 29, 2023: The benefits hike for the nation's 7.5 million SSI recipients will begin on this day. Typically, SSI payments are issued on the first of each month, but because January 1 is a holiday, recipients will get their payments on the Friday before January 1.
- Jan. 3, 2024: If you started claiming Social Security before May 1997 or if get both Social Security and SSI benefits, you'll get the new COLA in a Dec. 29, 2023 check and your Social Security payment on January 3.
- Jan. 10, 2024: If your birthday falls between the 1st to the the 10th day of your birth month, this is when you'll get your first benefit check with the new COLA. For instance, if your birthday is June 1, you'll get paid on this day.
- Jan. 17, 2024: If your birthday falls between the 11th to 20th day of your birth month, you'll get your higher payment on this day.
- Jan. 24, 2024: If your birthday falls between the 21st to 31st of your birth month, your benefit check will reflect the new COLA on this day.
How much will I get 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 claimed Social Security. Nevertheless, the overall boost should be 3.2% higher than your December check.
However, Social Security began sending letters to recipients in early December to alert them of their new benefit amount. People who have a mySocialSecurity account can log into the site to view their letter online.
Recipients need to have signed up for mySocialSecurity prior to November 14 to be able to see their COLA notice on the site, the agency said.
How does 2024's COLA compare with prior years?
2024's benefit increase is higher than most years, but still lower than what seniors received in 2022 and 2023. Here are COLAs over the last 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%
- In:
- Social Security
Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.
TwitterveryGood! (5196)
Related
- Krispy Kreme is giving free dozens to early customers on World Kindness Day
- University of Wisconsin System enrollment grows slightly for first time since 2014
- Heavy surf is pounding Bermuda as Hurricane Lee aims for New England and Atlantic Canada
- Pakistani court rejects ex-PM Imran Khan’s bail plea in case related to leaking state secrets
- Where you retire could affect your tax bill. Here's how.
- Israel’s finance minister now governs the West Bank. Critics see steps toward permanent control
- Parents of autistic boy demand answers after video shows school employee striking son
- Drew Barrymore Uninvited From National Book Awards After Restarting Her Talk Show During Strike
- Why California takes weeks to count votes, while states like Florida are faster
- Cambodia’s new Prime Minister Hun Manet heads to close ally China for his first official trip abroad
Ranking
- Bowl projections: SEC teams joins College Football Playoff field
- Savannah Chrisley Reveals She Went on a Date with Armie Hammer
- GOP legislative leaders’ co-chair flap has brought the Ohio Redistricting Commission to a standstill
- Brian Austin Green Shares How Tough Tori Spelling Is Doing Amid Difficult Chapter
- Olympic Skier Lindsey Vonn Coming Out of Retirement at 40
- BP top boss Bernard Looney resigns amid allegations of inappropriate 'personal relationships'
- Everleigh LaBrant Reacts to Song Like Taylor Swift Going Viral Amid Online Criticism
- Elon Musk Reflects on Brutal Relationship With Amber Heard in New Biography
Recommendation
-
Fighting conspiracy theories with comedy? That’s what the Onion hopes after its purchase of Infowars
-
Delaware man gets 7 1/2-year federal term in carjacking of congresswoman’s SUV in Philadelphia
-
Jonas Brothers, Friendly's launch new ice cream dishes: The Joe, Nick and Kevin Sundaes
-
Psychopaths are everywhere. Are you dating one? Watch out for these red flags.
-
Biden, Harris participate in Veterans Day ceremony | The Excerpt
-
Pope Francis and Bill Clinton set discussion on climate change at Clinton Global Initiative
-
Industrial Plants in Gary and Other Environmental Justice Communities Are Highlighted as Top Emitters
-
Supporters of effort to repeal ranked voting in Alaska violated rules, report finds