Social Security raise: Here’s when you’ll get your cost-of-living increase
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Social Security raise: Here’s when you’ll get your cost-of-living increase

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More than 70 million Americans will see an increase in their Social Security benefits next month.

The 2024 Cost of Living Adjustment is 3.2%. For the average beneficiary, the increase equals $59 a month, from $1,848 to $1,907. Increases for Medicare Part B will eat into the COLA  however, rising by $9.80, or 6%, to $174.70 a month.

This year’s Social Security increase, far below last year’s COLA of 8.7%, was determined by the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, for the last quarter of the fiscal year.

Social Security benefits are paid based on day of birth. People with a birth date on 1-10th of the month receive payments on the second Wednesday of the month; 11-20th birth dates payable on the third Wednesday; birth date of 21st-31st payable on the fourth Wednesday. Supplemental Security Income is generally paid on the first of the month.

According to Social Security Administration’s payment calendar, the COLA will be applied:

  • Dec. 29, 2023– Increased benefits for some 7.5 million Supplemental Security Income recipients will start on Dec. 29. SSI payments are typically issued on the first day of the month but, because that falls on Jan. 1, distribution will take place on the Friday before the holiday.
  • Jan. 3, 2024 – If you received Social Security before May 1997 or if you receive both Social Security and SSI, you will receive your Social Security check on Jan. 3, 2024.
  • Jan. 10, 2024 – If your birth date falls between the 1st and the 10th of the month, you will receive your first COLA increase check on the second Wednesday of the month, or Jan. 10 in 2024.
  • Jan. 17 – If your birth date falls between Jan. 11-20, the first check with the COLA increase will be paid on Wednesday, Jan. 17, 2024.
  • Jan. 24 – If your birth date falls between the 21st and 31st of the month, you will receive your first COLA increase check on Jan. 24, 2024.

Social Security began notifying recipients about their new benefit amounts in early December. You can view individual COLA information online at my Social Security.