The nation's 72 million Social Security recipients are just days away from getting a boost to their monthly benefits.
The 2024 cost-of-living adjustment, or COLA, has been set for a 3.2% bump — the smallest increase in three years. That's because the Social Security Administration bases its annual adjustment on the inflation rate, which has been rapidly cooling.
By comparison, recipients in 2023 received a historic 8.7% increase to keep up with the hottest inflation in four decades.
Even though the new COLA increase will take effect with the December benefits, those payments will reach most recipients in January, according to the Social Security Administration. With the increase, the average benefit check will increase $49, rising to $1,907 from this year's $1,858, the agency said.
Here's when Social Security beneficiaries will see the higher amounts in their monthly checks.
COLA 2024: Social Security payment dates
The new COLA will go into effect in January for most Social Security recipients, with the notable exception of Supplemental Security Income (SSI) recipients, who will receive their payments early this year, according to the agency's calendar.
- Dec. 29, 2023: The benefits hike for the nation's 7.5 million SSI recipients will begin on this day. Typically, SSI payments are issued on the first of each month, but because January 1 is a holiday, recipients will get their payments on the Friday before January 1.
- Jan. 3, 2024: If you started claiming Social Security before May 1997 or if get both Social Security and SSI benefits, you'll get the new COLA in a Dec. 29, 2023 check and your Social Security payment on January 3.
- Jan. 10, 2024: If your birthday falls between the 1st to the the 10th day of your birth month, this is when you'll get your first benefit check with the new COLA. For instance, if your birthday is June 1, you'll get paid on this day.
- Jan. 17, 2024: If your birthday falls between the 11th to 20th day of your birth month, you'll get your higher payment on this day.
- Jan. 24, 2024: If your birthday falls between the 21st to 31st of your birth month, your benefit check will reflect the new COLA on this day.
How much will I get in my check?
That depends on your current benefit level, which is based on your earnings while working and other factors, such as your age when you first claimed Social Security. Nevertheless, the overall boost should be 3.2% higher than your December check.
However, Social Security began sending letters to recipients in early December to alert them of their new benefit amount. People who have a mySocialSecurity account can log into the site to view their letter online.
Recipients need to have signed up for mySocialSecurity prior to November 14 to be able to see their COLA notice on the site, the agency said.
How does 2024's COLA compare with prior years?
2024's benefit increase is higher than most years, but still lower than what seniors received in 2022 and 2023. Here are COLAs over the last decade:
- January 2014: 1.5%
- January 2015: 1.7%
- January 2016: 0.0%
- January 2017: 0.3%
- January 2018: 2.0%
- January 2019: 2.8%
- January 2020: 1.6%
- January 2021: 1.3%
- January 2022: 5.9%
- January 2023: 8.7%
- January 2024: 3.2%
