Discover how Social Security recipients in the United States will receive a 3.2% increase in their benefit payments in 2024. This cost-of-living adjustment aims to help recipients keep up with expenses and is the third consecutive year of increases. Learn more about the impact of this raise and how it will benefit millions of Americans.
Social Security Increase in 2024
Social Security recipients in the United States are set to receive a 3.2% increase in their benefit payments in 2024. This adjustment is aimed at helping recipients keep up with the rising cost of living.
This increase marks the third consecutive year of raises for Social Security beneficiaries. While the previous two years saw larger increases, the 3.2% raise in 2024 is still significant and will provide some relief to millions of Americans.
Impact on Social Security and SSI Recipients
The 3.2% increase in Social Security checks will apply to both Social Security and SSI recipients. This means that individuals who receive both types of benefits will see cost-of-living adjustments applied to both payments.
As of November, the average monthly Social Security benefit was approximately $1,711, while the average monthly SSI benefit was around $674. The cost-of-living adjustment will add to these amounts, providing recipients with additional financial support.
Payment Schedule for Social Security Benefits
The payment schedule for Social Security benefits is based on the recipient's birth date. For example, beneficiaries born between the 1st and 10th of the month will receive payments on the second Wednesday of each month. The first cost-of-living increase will be reflected in checks on January 10.
Beneficiaries born between the 11th and 20th of the month will receive payments on the third Wednesday, with the first increase appearing in checks on January 17. Those born between the 21st and 31st of the month will receive payments on the fourth Wednesday, with the first increase appearing in checks on January 24.
Cost-of-Living Increase for SSI Benefits
SSI benefits are typically paid on the first of the month. However, due to January 1 being a federal holiday, checks were distributed on the Friday before. SSI recipients saw their first cost-of-living increase on December 29.