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Social Security Check is Increasing This Month!

Social Security Check is Increasing This Month!

Great news! Starting this month, your Social Security checks will be bigger. We'll break down what this increase means for you.

What's Changing in Social Security Check?

Your Social Security checks are getting a boost. The cost of living adjustment (COLA) for 2024 is here, and it brings a 3.2% increase in your monthly payments. This applies to everyone receiving Social Security benefits, including those on Social Security Disability Insurance and Supplemental Security Income.

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How is the Social Security Check Increase Calculated?

Every year, the Social Security Administration decides on a cost-of-living adjustment based on the Consumer Price Index for Urban Wage Earners and Clerical Workers. For 2024, this means an average monthly increase of over $50 for beneficiaries.

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How Much More Will You Get?

Let's break it down by recipient groups:

  • Retiree: An average increase of $58, making the new check amount $1,885.
  • Worker with disabilities: Expect a $47 increase, bringing the average check to $1,530.
  • Senior couple receiving benefits: Enjoy a $95 increase, resulting in a $3,067 check.
  • Widow(er): An additional $55, making the new check amount $1,759.
  • Widow(er) with two children: The biggest increase of $113, bringing the check to $3,633.

When Will You See the Increase in Social Security Check?

Starting in January 2024, you'll notice the COLA increase on your monthly checks. The exact date depends on your birth date and when you started receiving Social Security benefits:

  • Birthdate 1st-10th: Check arrives on the second Wednesday of January.
  • Birthdate 11th-20th: Check arrives on the third Wednesday of January.
  • Birthdate 21st-31st: Check arrives on the fourth Wednesday of January.

Supplemental Security Income payments generally arrive on the first of each month, with exceptions for holidays or weekends. If you started receiving Social Security benefits before May 1997, your payment should have arrived on January 3, 2024.

This increase is designed to help you keep up with the rising cost of living, making your financial journey a bit smoother. Enjoy the extra support!

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