When will the COLA 2024 payments be mailed

The Social Security Administration (SSA) has announced that it will increase Social Security and Supplemental Security Income (SSI) payments in 2024 because of the cost-of-living adjustment (COLA).

According to the SSA, the COLA ensures that the purchasing power of Social Security and SSI benefits keeps up with inflation. It is calculated taking the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of last year to the third quarter of the current year. If there was no inflation increase, there is no increment in COLA.

Before the COLA provision was implemented by Congress as part of the 1972 Social Security Amendments, these types of benefits were increased by special legislation from Congress. Automatic annual COLAs have been active since 1975. Currently, its benefits are payable for December and received by beneficiaries each January.

Last year COLA had an increase of 8.7%, the highest since July 1981. In 2024, the COLA will be 3.2%, a light boost for SSI and Social Security payments.

According to the SSA, the average payments for all retired workers are expected to rise from $1,848 to around $1,907 next year. In 2024, the maximum benefit for individuals retiring at full retirement age will be $3,822. The average payments for elderly couples, where both partners receive benefits, are projected to increase from $2,939 to approximately $3,033.

For surviving spouses with two children, the payment will rise from $3,540 to $3,653. For a single elderly surviving spouse, it will rise from $1,718 to $1,773. Workers with a disability, along with their spouse and one or more children, will see an increment from $2,636 to $2,720, while the payment for all workers with a disability will go from $1,489 to $1,537.

For SSI benefits, the standard federal payment is set to increase from $914 to $943 for individuals and from $1,371 to $1,415 for couples.

When will Social Security increased payments be sent?

The COLA will be applied in the January 2024 Social Security and SSI payments. The first will be sent on Friday, December 29, 2023, as January 1 is a holiday. After that, it will be sent every Wednesday depending on the date of birth of the beneficiaries as following:

• Wednesday, January 3, 2024: Benefits for those who began receiving their payments before May 1997.
• Wednesday, January 10, 2024: Payments for beneficiaries with a date of birth between the 1st and the 10th.
• Wednesday, January 17, 2024: Dates of birth between the 11th and the 20th.
• Wednesday, January 24, 2024 : Dates of birth between the 21st and 31st.

Social Security will start notifying recipients by mail starting in early December. Those who have a personal my Social Security Account can see their COLA notice on the site. If they haven’t received it yet, they can set up text or email alerts when there is a new notification. Those who didn’t register on my Social Security before November 14 won’t get to see their COLA notice online.

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