Retirees, get ready for a boost in your Social Security payments! Starting February 12, millions of Social Security beneficiaries will see increased payments thanks to the latest Cost-of-Living Adjustment (COLA). This change comes as part of the annual adjustment designed to help seniors keep up with inflation and rising living costs.
Let’s dive into what this means for you and how much more you can expect in your monthly benefits!
Why Are Social Security Payments Increasing?
Every year, the Social Security Administration (SSA) applies a Cost-of-Living Adjustment (COLA) to benefits based on the Consumer Price Index (CPI). This adjustment ensures that Social Security recipients don’t lose purchasing power due to inflation.
For 2024, the COLA is 3.2%, meaning beneficiaries will receive higher monthly checks starting in February.
How Much More Will You Get?
The exact amount of your increase depends on your current benefit. However, here’s a rough estimate of what the 3.2% COLA increase could mean:
- Average retiree: Monthly payment will increase by about $59
- Couples receiving benefits: Monthly increase of around $98
- Disabled workers: Additional $48 per month
While this may not be a huge windfall, every extra dollar helps when dealing with rising costs of groceries, healthcare, and housing.
Who Will Receive the Increased Payments First?
The payment schedule depends on your birth date:
Born 1st-10th: Payments arrive on Feb 12
Born 11th-20th: Payments arrive on Feb 19
Born 21st-31st: Payments arrive on Feb 26
Supplemental Security Income (SSI) recipients already started receiving higher payments in January.
How to Check Your New Benefit Amount
To see exactly how much you’ll receive:
- Log in to your mySocialSecurity account on ssa.gov
- Check your mailed COLA notice
- Review your bank statements after your February payment
What Should You Do With Your Extra Money?
Instead of spending it right away, consider:
Boosting savings for emergencies
Paying off bills to reduce debt
Investing in health & wellness expenses
Final Thoughts
This 3.2% COLA increase aims to help retirees and Social Security recipients stay ahead of rising costs. While it may not cover everything, it’s a step in the right direction to provide financial relief.
Be sure to check your payment amount in February and plan wisely for your increased benefits!