If you are one of the more than 66 million Social Security beneficiaries, you will receive a 3.2% cost-of-living adjustment in 2024 due to inflation. And those receiving SSI will receive their first increased payment at the end of this year.
Each year, the Social Security Administration determines the cost-of-living adjustment for Social Security payments. The COLA is based on the percentage increase in the consumer price index for urban wage earners and white-collar workers between the third quarter of the previous year and the third quarter of the current year.
We’ll tell you how much you can expect your Social Security checks to increase next year. For more information, find the Social Security payment schedule and the Social Security payment schedule here.
How much will my Social Security benefit be with the 2024 COLA increase?
The COLA increase will increase Social Security benefits by 3.2%. The Social Security Administration said this would increase average monthly payments by more than $50. These are the average new payments for 2024, based on groups of recipients.
Social Security COLA increase 2024
Category | Average monthly increase | Average check amount for 2024 |
---|---|---|
Retired | $58 | $1,885 |
Worker with disabilities | $47 | $1,530 |
Senior couple, both receiving benefits | $95 | $3,067 |
Widow(ers) | $55 | $1,759 |
Widow(er) with two children | $113 | $3,633 |
When will I see the COLA increase in my Social Security check?
Starting in January 2024, you will notice the COLA increase on your monthly checks. Checks are paid out on scheduled Wednesdays each month, so when you get the increase depends on your date of birth and when you started receiving Social Security benefits.
- If your birthday falls between the 1st and 10th of the month, your payment will be sent on the second Wednesday of January 2024.
- If your birthday falls between the 11th and 20th of the month, your payment will be sent on the third Wednesday of January 2024.
- If your birthday falls between the 21st and 31st of the month, your payment will be sent on the fourth Wednesday of January 2024.
Payments for Supplemental Security Income recipients are generally received on the first of each month unless it is a holiday or weekend. And if you received Social Security benefits before May 1997, your payment is due January 3, 2024.
For more information, check out this Social Security cheat sheet, which tells you how your benefits work. Here you can also read how to apply for SSDI and SSI.