In a move to counter the impact of inflation, the Social Security Administration (SSA) has initiated its annual adjustment of benefits for 2024. This adjustment is expected to bring relief to millions of recipients who will witness an increase in their benefit checks.
After a noticeable easing of inflation in 2023, officials announced a moderate increase of 3.2%, a significant decrease from the previous year's substantial 8.7% jump.
The estimated average monthly checks for retired workers are set to rise from $1,848 to $1,907. However, not all recipients will receive their increased payments simultaneously.
Approximately 7.5 million Supplemental Security Income (SSI) recipients will start receiving their higher payments on December 29, as January 1 is a holiday.
The Cost-of-Living Adjustment (COLA)-adjusted Social Security benefits will be distributed to over 66 million recipients in January 2024. The timing of the first payment will vary depending on the recipient's birthday.
- Recipients born between the 1st and 10th of the month will receive their checks on the second Wednesday of January, January 10.
- Those born between the 11th and 20th can expect their payments on the third Wednesday, January 17.
- Individuals born between the 21st and 31st will receive their benefits on the fourth Wednesday, January 24.
An exception is made for people who began receiving Social Security benefits before May 1997, as their payments will go out on January 3.
The SSA, responsible for disbursing approximately $1.4 trillion in benefits to over 70 million people annually, has seen an increase of at least eight million additional beneficiaries over the past decade.
Kilolo Kijakazi, acting commissioner of Social Security, emphasized the agency's enduring commitment, stating, "For more than 85 years, Social Security has provided income protection for retirees, adults, children with disabilities, and families who lose a wage earner. Despite our recent history of chronic underfunding, Social Security remains among the most trusted agencies in the Federal Government."
