Social Security Checks Increase for Beneficiaries in 2023 and 2024
In 2023, Social Security beneficiaries experienced the largest monthly check boost in decades, with a nearly 9% increase. However, in 2024, the cost-of-living adjustment (COLA) will be much lower at just 3.2%. The December 2023 payment will not include a COLA rise, and the increase in 2023 will only be available to beneficiaries of Supplemental Security Income.
Although the January 2024 Social Security checks will be valued at $1,907, they will actually be replaced on December 29. Retirees may receive their new checks as early as January 3 or as late as January 24.
Who is Eligible for $1,907 Social Security Checks in January 2024?
If you receive Supplemental Security Income (SSI), you will see a 3.2% increase in your reimbursements in 2024. The maximum monthly SSI payout will increase from $914 to $943 for individuals and from $1,371 to $1,415 for couples.
When Will You Receive $1,907 Social Security Checks in 2024?
Social Security payments will increase by 3.2% in January 2024, with the average monthly payout going from $1,848 to $1,907. Some retirees may receive even higher amounts. The first enhanced Social Security payout will be received in January, as benefits are paid the month after they are due.
If you started receiving benefits before May 1997, your average payment will be $1,907 on January 3. However, some retirees may receive smaller payouts depending on their prior income and work history. Those on SSI will start receiving retirement benefits on January 3 and SSI benefits on December 29.
Other Social Security Changes in 2024
In addition to the 3.2% increase, there will be further changes in Social Security payments in 2024. The specifics of these changes are not provided in the given information.
Conclusion
Social Security beneficiaries will see a 3.2% increase in their payments in January 2024, with the average monthly payout rising to $1,907. Supplemental Security Income recipients will also receive a 3.2% increase in their reimbursements. The specific dates for receiving these payments vary, ranging from January 3 to January 24. Overall, these adjustments aim to provide support to individuals receiving Social Security benefits.
