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Do I Get 60 Dollars Extra From Social Security and the Cola Increase for 2024 Today

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Do I Get 60 Dollars Extra From Social Security and the Cola Increase for 2024 Today

Do I Get 60 Dollars Extra From Social Security and the Cola Increase for 2024 Today. Millions of Americans eagerly anticipate their Social Security benefits in December, questioning whether the much-anticipated COLA boost will be included in today’s payment.

December Payments by the Social Security Administration

The Social Security Administration (SSA) has initiated the disbursement of payments in December. Specifically, December 1 marks payday for retirees before May 1997 and individuals who received disability benefits (SSDI) prior to May 1997.

Those receiving Supplemental Security Income (SSI) and Social Security will also receive their checks on December 1, encompassing both SSI and Social Security payments.

Despite the usual distribution of retirement and SSDI checks on the 3rd day of the month, December 2023 deviates from the norm. Given that December 3 falls on a Sunday, payments are processed on the preceding business day.

Will Social Security Payments on December 1 Include the COLA Increase?

Contrary to expectations, the 2024 COLA increase will not be included in payments disbursed on December 1. The majority of beneficiaries will have to wait until January to witness the impact of the Social Security boost. However, there is an exception.

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SSI recipients are set to receive their 2024 COLA increase on December 29, 2023, making them the first beneficiaries to enjoy a 3.2% boost.

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While this increase may not match the substantial 8.7% boost observed in 2023—the highest in over 40 years—SSI recipients will still experience a notable financial uptick.

January Distribution of the 2024 COLA Increase

If you are solely on SSDI or retirement benefits, the COLA increase will not manifest until January. The specific payment dates are January 3, 10, 17, and 24.

Estimating the Impact of the 2024 COLA Increase

The extent of your increase depends on the current amount of your Social Security benefits. For instance, if your current payment is $1,500, your January payment will reflect a $1,548 total. Similarly, those receiving $2,000 can expect a 2024 payment of $2,064.

The average retirement payment, currently at $1,848 in 2023, will rise to $1,907 in 2024. SSDI recipients, currently receiving approximately $1,489, can anticipate a new amount of about $1,537 in 2024 following the COLA boost.

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New Maximum Amounts for SSI Beneficiaries

SSI beneficiaries will see new maximum amounts, with singles receiving up to $943, couples up to $1,415, and essential persons up to $472. This translates to a potential extra $29 per month. Retirees, on average, can expect an increase of about $59, providing a significant financial lift.

For those filing at the age of 70 and meeting the necessary earnings and work history requirements, a substantial Social Security check of up to $4,873 awaits them in 2024. However, it’s important to note that such a high figure is an outlier and not typical for most recipients.

Conclusion

While December Social Security payments won’t include the 2024 COLA boost, SSI recipients get an early increase. January will bring the awaited boost for others, with varying impacts on retirees and SSDI beneficiaries. Financial changes beckon in 2024.

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