Beginning this month, Social Security recipients will see an increase in their monthly benefits.
The 3.2% cost of living increase for 2024 that was announced in October will go into effect this month for the 71 million Americans who receive monthly Social Security benefits.
The increase in payments, set by the Social Security Administration depends on several factors that measure the cost of food, shelter and other items such as transportation, clothing and medical care.
The Social Security Act provides a formula used to calculate each year’s COLA, which is based on increases in the CPI-W. The CPI-W has eight major spending categories used in the formula to determine the next year’s COLA.
While a 3.2% COLA does not come near last year’s historic increase of 8.7%, it’s still higher than the average over the past 20 years, which is 2.6%, according to Mary Johnson of The Senior Citizens League.
The increase will average more than $50 a month. As of August 2023, the average social security payment is $1,705.79, according to the Social Security Administration
Social Security benefits are paid out each month based on the day of a recipient’s birth.
Here, from the Social Security Administration, is the date you will see your checks:
- Beneficiaries whose birthdays fall between the 1st and 10th of the month will receive payments on the second Wednesday of the month. The first cost-of-living increase will be received in checks on Jan. 10.
- Beneficiaries whose birthdays fall between the 11th to the 20th of the month will receive payments on the third Wednesday of the month. The first cost-of-living increase will be received in checks on Jan. 17.
- Beneficiaries whose birthdays fall between the 21st to the 31st of the month will receive payments on the fourth Wednesday of the month. The first cost-of-living increase will be received in checks on Jan. 24.
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