The Cost of Living Is Going up This Month, so Social Security Benefits Will Increase This Month, More than 71 million Americans are set to experience a boost in their Social Security checks this year, with a 3.2 percent increase taking effect. This adjustment, aimed at addressing the rising cost of living, translates to an average monthly increase of over $50. The distribution of these enhanced benefits began on Friday and will continue throughout the year.
Cost-of-Living Adjustment
The Social Security Administration has implemented this increase to assist recipients in coping with the escalating expenses they face. This marks the third consecutive year of benefit increments due to inflation. However, the previous two years witnessed larger adjustments, with an unprecedented 8.7 percent increase in 2023 and a 5.9 percent increase in 2022.
Recipients Eligible for Increase
Recipients of Social Security and Supplemental Security Income (SSI) are eligible for the 3.2 percent increase. Those receiving both Social Security and SSI will observe the cost-of-living adjustments applied to both sets of benefits.
Average Benefit Amounts
As of November, the average monthly Social Security benefit stood at approximately $1,711, while the average monthly SSI benefit was about $674, according to the Social Security Administration. The cost-of-living adjustment will supplement these amounts.
Social Security Payment Calendar
Social Security benefits are disbursed based on the recipient’s birthdate. The following schedule outlines the payment dates and the corresponding birthdate ranges:
- 1st to 10th of the Month: Payments on the second Wednesday of the month. First cost-of-living increase reflected in checks on Jan. 10.
- 11th to 20th of the Month: Payments on the third Wednesday of the month. First cost-of-living increase reflected in checks on Jan. 17.
- 21st to 31st of the Month: Payments on the fourth Wednesday of the month. First cost-of-living increase reflected in checks on Jan. 24.
SSI benefits are typically distributed on the first of the month. However, due to the federal holiday on Jan. 1, checks were distributed the Friday before, and SSI recipients experienced their first cost-of-living increase on Dec. 29.
Conclusion
The 3.2 percent increase in Social Security benefits for 2024 aims to alleviate the financial strain on more than 71 million Americans. This adjustment, responding to the higher cost of living, follows two consecutive years of significant increases, reinforcing the commitment to supporting recipients in navigating economic challenges. The payment calendar details ensure transparency and clarity for beneficiaries regarding the distribution of these enhanced benefits throughout the year.
