Social Security Benefits Increase in Response to Higher Cost of Living

Alberta Waelchi Sr.
Published Jan 4, 2024

 

As the cost of living continues to rise, millions of Social Security recipients in the United States can look forward to an increase in their benefit payments this month.

The Social Security Administration (SSA) has announced a cost-of-living adjustment (COLA) of 3.2% for 2024, providing some relief to beneficiaries.

In addition, the SSA has released the payment calendar for this year, ensuring beneficiaries are aware of when they can expect their increased payments.


The Impact of Rising Costs

The 3.2% increase in Social Security benefits is an attempt to help recipients keep up with the rising cost of living. This adjustment takes into account inflation and the impact it has on individuals' ability to cover essential expenses such as housing, healthcare, and groceries.

With the average monthly benefit amounting to over $50 more, this increase will provide much-needed support to millions of Americans.


Payment Calendar for 2024

To ensure that Social Security beneficiaries are well-informed about their payment schedules, the SSA has published the payment calendar for 2024.

The calendar is based on the recipient's date of birth and provides the specific dates when payments will be disbursed.

  • For beneficiaries born from the 1st to the 10th of the month, payments will be made on the second Wednesday of each month. The first payment reflecting the COLA increase will be received on January 10th.
  • Beneficiaries born from the 11th to the 20th of the month can expect their payments on the third Wednesday of each month. Their first payment with the COLA adjustment will be received on January 17th.
  • For those born from the 21st to the 31st of the month, payments will be made on the fourth Wednesday of each month. The first payment reflecting the COLA increase will be received on January 24th.

The SSA encourages recipients to be aware of these payment dates to ensure they can plan their finances accordingly.


Freeing More Funds for the 2024 COLA

Still need to make more space in your budget despite SSA's 2024 cost-of-living adjustment (COLA)? Consider these tips:

  1. Clear out debt with the right help
    Use available resources like National Debt Relief to clear out debt, freeing up funds for other expenses.
     
  2. Search and apply to available relief programs
    Explore as many financial assistance options you may be eligible for. These can help with your utility expenses, reducing your monthly bills. And, there are now financial assistance search tools like this Help Finder that can make your search so much easier. 
     
  3. Boost your income by exploring side gigs
    Such as paid clinical trials and online surveys to bring in extra money.
These simple steps can help you create more financial flexibility and make the best of the 2024 COLA.

Conclusion

The increase in Social Security benefits this month is a significant step in helping beneficiaries address the higher cost of living. The 3.2% adjustment considers the impact of inflation on essential expenses, providing crucial support to millions of individuals.

By making the payment calendar easily accessible, the SSA ensures transparency and clarity so that recipients can anticipate when their increased payments will arrive. 

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