Social Security Benefits: How soon will you begin receiving a Social Security increase in 2024?

Social Security increase in 2024: Next week, Social Security beneficiaries will receive their last payment of 2023 of the year, which will mean that the 8.7% cost-of-living adjustment (COLA) for this year will come to an end. The average Social Security benefit increased by almost $146 per month due to the largest COLA in over forty years, which occurred in 2023. The COLA will be 3.2% starting in 2024, which is greater than the average for the previous ten years but much less than the COLAs authorized in 2023 and 2022.

While some Social Security beneficiaries will receive the higher benefits early, the new COLA doesn’t officially take effect until after the start of the new year. They can thank Monday, January 1, 2024, for New Year’s Day, which falls on that day.

The first of every month is when Supplemental Security Income (SSI) recipients who are also eligible for Social Security payments typically receive their checks. Nevertheless, the January SSI payment was mailed on December 29, 2023, as January 1, 2024, is a holiday.

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Aside from that, Social Security benefits with the updated 2024 COLA will be disbursed after the start of the new year.

SSI recipients get two payments in May, August, and November; no payments in January, June, and September. One check will cover the remaining six months: February, March, April, July, October, and December.

The following are crucial payment dates to be aware of in January 2024:

• Wednesday, Jan. 3: Beneficiaries who began receiving payments before May 1997
• Wednesday, Jan. 10: Beneficiaries with a date of birth between the 1st and 10th
• Wednesday, Jan. 17: Beneficiaries with a date of birth between the 11th and 20th
• Wednesday, Jan. 24: Beneficiaries with a date of birth between the 21st and 31st