Beneficiaries of Social Security programs must have a personal account on that office’s website to receive faster electronic notifications about the COLA increase. (Cost of Living Adjustment) in Social Security checks for 2024.
The process is carried out through the “my Social Security” tool.accessible through the Social Security Administration (SSA) website.
The process is quite simple and would take you just a few minutes to complete.
Any adult can complete the procedure, regardless of whether they are already receiving Social Security benefits or not.
The first step to open an account through the system is to provide an email and select your preferred language, in addition to accepting the rules of use. Spanish is one of the available alternatives.
After providing this first data, The system will send a message to your email to confirm the address.
Subsequently, you must provide another form of proof of identity such as a phone number or a second email.
The platform will also ask you for personal information such as your Social Security number.your full name as it appears on your Social Security card, and date of birth, among others.
Once you complete the setup of your account, you will be able to examine your benefits, see estimates of upcoming payments and even request a new card in case you lose yours, among other procedures.
The SSA will announce the new COLA increase for next year on October 12.
Traditionally, Social Security begins to send notifications about the new COLA increase at the end of December through the tool’s “message center.”
Each year, the office announces the new COLA based on a comparison of inflation figures of the quarter from July to September of the current year with the same period but from the previous year.
The Seniors Citizen League’s most recent estimate points to 3.2%. which would translate into some Additional $57.30 dollars for a total of $1,790 in the average monthly profit.
An increase in the cost of Medicare Part B would be reflected in final income which millions of retirees would count on during 2024.
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