As a Social Security recipient, you’ll be getting a higher payment starting in 2024. Beneficiaries are getting a 3.2% cost-of-living adjustment increase due to high inflation levels. Also, those who receive SSI will get their first boosted COLA payment this month.
Each year, the Social Security Administration determines the cost-of-living adjustment for Social Security payments. The COLA is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers from the third quarter of the previous year to the third quarter of the current year.
We’ll tell you how much to expect your Social Security checks to increase next year. For more, here’s the Social Security payment schedule and the Social Security Disability Insurance payment schedule.
How much will my Social Security payment be with the 2024 COLA increase?
The COLA increase will raise…
