Increase in Social Security checks due to COLA: how many people in the US will benefit? – The NY Journal

More than 71 million Americans who receive monthly Social Security checks will benefit from 3.2% COLA increase (Adjustment for cost of living) starting next January.

The first transfers to some 7.5 million beneficiaries of the total recipient population who are assigned to the Supplemental Security Income (SSI) program will take place at the end of December.

Payments to this group will begin to be sent on December 29 due to the subsequent holiday dates.

SSI is a program for people with disabilities and older adults who have little or no income or resources.

“The 3.2 percent Cost of Living Adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI recipients will begin December 29, 2023. (Explanatory note: some people receive both Social Security and SSI benefits),” the Social Security Administration (SSA) said in a statement on its website.

According to the office’s estimate, the beneficiaries They would receive on average more than $50 dollars per month.

The final amount they receive will depend on the group to which they belong.

Here you can see the average amounts according to the type of beneficiary

Starting in December, SSA will update COLA notices through the “Message Center” of the “my Social Security” digital tool.

Users who subscribe to the app until November 14 will receive the updates periodic reports sent by the office.

“This is a secure and convenient way to receive COLA notices online and save the message for later. You may also opt out of receiving mail notices that are available online. Be sure to choose your preferred way to receive courtesy notifications so that you do not lose your COLA notice online, safely and conveniently,” the entity urges from its website.

The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation or that people have the income necessary to deal with the increase in the cost of products and services due to inflation.

The increase is determined through the measure known as the Consumer Price Index for Urban Salaried Workers and Administrative Workers (CPI-W). Authorities calculate inflation levels from the third quarter of last year when a COLA was determined, to the third quarter of the current year. If there is no increase, there can be no COLA.

The CPI-W is established by the Bureau of Labor Statistics of the Department of Labor By law, it is the official measure used by the SSA to calculate COLAs.

Keep reading:

When will Social Security start mailing notices about new COLA increases?

First Social Security checks with COLA increase will be sent at the end of December