In the upcoming year, 2024, over 71 million Americans are set to experience a welcome upswing in their Social Security benefits and Supplemental Security Income (SSI) payments, with an estimated 3.2% increase on the horizon, as announced by the Social Security Administration (SSA).
Starting in January 2024, the average increment in Social Security retirement benefits is poised to surpass $50 per month. This boost in federal benefit rates is a direct response to the surge in the cost of living, as gauged by the Department of Labor’s Consumer Price Index (CPI-W). This index follow the inflation pace and tries to help benefits and allotments to deal with rising cost of living increments.
More Money in Your Pocket: How Much Will the SSDI Benefits Increase in 2024?
COLA notifications will be dispatched throughout December to recipients of retirement, survivors, and disability benefits, as well as SSI recipients and their representative payees. Nevertheless, if you’re eager to learn about your revised benefit amount ahead of time, you have the option to securely access your Social Security COLA notice online via the Message Center within your personal account.
This online access will be available early in December, preceding the arrival of the mailed notices. Do bear in mind that these new benefit amounts will not be accessible before December. Rest assured, if you’re set to receive the COLA notice through digital means or conventional mail, there’s no need to contact us for this information.
According to the 2024 COLA increase, these are the projected payments to be rolled out from January 2024:
|Median monthly increment||Retiree||$1,885|
|Worker with disabilities||$1,530|
|Senior couple, both receiving benefits||$3,067|
|Widow(er) with two children||$3,633|
October 2023 SSDI – One More Pack of Payments Still to Be Sent on This Date
According to the SSA official schedule, which remains unchanged for this month, here are the payment that have been already delivered to the beneficiaries’ accounts at this point of the month:
- Payment for those who’ve received SSDI since before May 1997: October 3rd.
- SSDI payment for those with birthdays falling between the 1st and 10th of any given month: October 11th.
- SSDI payment for those with birthdays falling between the 11th and 20th of any given month: October 18th.
One last round of payments is scheduled to be sent as follows:
- SSDI payment for those with birthdays falling between the 21st and 31st of any given month: October 25th.
Social Security SSI Amounts for 2024 Also Increased
In 2024, the highest monthly Federal benefits are $943 for a qualified individual, $1,415 for a qualified individual with a spouse, and $472 for someone considered essential under the program’s regulations. The unrounded amounts for 2024 equal the unrounded amounts for 2023 increased by 3.2%, which is the COLA increase.