Social Security Benefits Increase for 2024 and Payment Calendar
- Author: Elmer Schuster
- Posted: 2024-07-17
Social Security recipients in the United States are set to receive a welcome boost this year. More than 71 million Americans will see a 3.2% increase in their Social Security checks in 2024. This adjustment is designed to help them keep up with the rising cost of living.
Additionally, the Social Security Administration has released the payment calendar for this year, outlining the specific dates beneficiaries can expect their increased payments.
The Cost-of-Living Adjustment
The 3.2% increase in Social Security benefits is part of a cost-of-living adjustment to help recipients cope with expenses. While this year's adjustment is lower than previous years, with 2023 seeing an 8.7% increase and 2022 a 5.9% increase, it's still significant.
On average, this raise will result in over $50 more per month for beneficiaries. The Social Security Administration believes this increase will address inflationary pressures and provide much-needed relief to recipients.
Payment Calendar for 2024
The Social Security payment calendar is based on the day of a recipient's birth. Here is the breakdown:
- Beneficiaries born from the 1st to the 10th of the month will receive payments on the second Wednesday of each month. The first cost-of-living increase for these recipients will be received in their checks on January 10th.
- Beneficiaries born from the 11th to the 20th of the month will receive payments on the third Wednesday of each month. The first cost-of-living increase for these recipients will be received in their checks on January 17th.
- Beneficiaries born from the 21st to the 31st of the month will receive payments on the fourth Wednesday of each month. The first cost-of-living increase for these recipients will be received in their checks on January 24th.
Supplemental Security Income (SSI) Recipients
In addition to Social Security benefits, those receiving Supplemental Security Income (SSI) will also see an increase in their payments. SSI benefits are typically paid on the first of the month.
However, because January 1st is a federal holiday, checks were distributed on the preceding Friday, December 29th. SSI recipients were among the first to benefit from the cost-of-living adjustment this year.
Conclusion
The 3.2% increase in Social Security benefits for 2024 brings some relief for millions of recipients across the United States. The payment calendar provides clarity on when beneficiaries can expect their increased payments.
The adjustment aims to help recipients keep pace with the rising cost of living, and although it is a smaller increase compared to previous years, it still provides meaningful support.
