Most retirees who receive checks from the Social Security Administration (SSA) will see the new 3.2% COLA (Cost of Living Adjustment) increase reflected in payments as January progresses.
That month, beneficiaries of Social Security programs will notice an increase in the amount they receive as part of the cost-of-living adjustment that seeks to ensure that retirees and other groups have the money necessary to deal with the effects of inflation.
Traditionally, the office organizes the shipping schedule according to the birthday of the recipientsso depending on the day the person was born will be the arrival date of their check.
According to the Social Security agenda referenced in a CNET article this week, The first to receive the enlarged check will be the birthday children between the 1st and the 10th.. Payment will be sent to that group on the second Wednesday in January. That day falls on January 10.
Next, Beneficiaries whose birthday falls between the 11th and 20th of their respective month will receive payment on the third Wednesdaywhich in this case corresponds to January 17.
Finally, birthday children between the 21st and 31st will receive their first payment with the COLA increase on the fourth Wednesday of January, that is, the 24th.
In the case of the beneficiaries of the Supplemental Security Income Program (SSI), these generally receive the payment on the first day of each month. However, due to the end-of-year holidays, Social Security will begin sending this round on December 29.
Regarding the group of Social Security beneficiaries who began receiving the funds before May 1997, the first check with the new COLA amount is supposed to arrive on January 3.
Social Security estimated that, on average, retirees will receive an additional $50 per month. However, The specific amount will depend on the group to which each person belongs. For example, a widow or widower with two children will benefit from an additional $113 per month, the maximum amount.
The COLA is established based on the Consumer Price Index for Urban Salaried Workers and Administrative Workers (CPI-W).
The Index is published every month and contains the level of inflation and the level of spending in goods and services in the United States.
Based on these data released by the federal Department of Labor, the inflation figures for the quarter from July to September of the current year are compared with those of the same period but the previous year.
The COLA figure for 2024 was set at 3.2%. Currently, people see an 8.7% increase due to COLA reflected in their checks.
Keep reading:
Social Security Checks: increase in Medicare Part B premiums will be less than estimated
Social Security Checks with new COLA increase for 2024: six key facts
COLA 2024: Social Security beneficiaries who will receive first check with increase before January
