- Tens of millions of Americans are anticipating a benefit increase
- The Social Security COLA for 2024 is 3.2%
- Recipients should start to see the COLA increase in January
(NewsNation) — As January approaches, tens of millions of older Americans are anticipating a modest increase in their Social Security benefits with the introduction of a new cost-of-living adjustment (COLA).
The Social Security COLA for 2024 is 3.2%.
The 3.2% raise aims to alleviate the impact of higher prices for essentials such as food, fuel, and various goods and services.
When will I get my payment?
Recipients should start to see the COLA increase on their monthly checks starting in January 2024.
Checks will be disbursed on scheduled Wednesdays each month. The schedule depends on your birth date and when you started receiving Social Security benefits.
Here are a few additional dates to remember:
- Wednesday, Jan. 3: Benefits for those who began receiving their payments before May 1997
- Wednesday, Jan. 10: Payments for beneficiaries with a date of birth from the 1st to the 10th
- Wednesday, Jan. 17: Payments for beneficiaries with dates of birth from the 11th to the 20th
- Wednesday, Jan. 24: Payments for beneficiaries with dates of birth from the 21st to the 31st
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