COLA 2024 Boosts Social Security Benefits
According to Tododisca, In September 2024, Social Security benefits will see a notable increase thanks to the 2024 Cost of Living Adjustment (COLA). This adjustment, effective from January 2024, ensures that beneficiaries receive a bit more money compared to the previous year, reflecting a 3.2% increase across all Social Security payments.
Increased Payment Amounts for September
The COLA 2024 has raised the maximum Social Security payments as follows:
- Disability: $3,822
- Retirement at Age 70: $4,873
- Early Retirement Age: $2,710
- Full Retirement Age: $3,822
Beneficiaries can calculate their September 2024 payments by applying the 3.2% increase to their September 2023 checks.
September 2024 Payment Schedule
Social Security payments will be disbursed according to the following schedule:
- September 3rd: Payments for retirees who began benefits before May 1997.
- September 11th: Payments for retirees starting benefits after May 1997, with birthdays between the 1st and 10th.
- September 18th: Payments for retirees starting benefits after May 1997, with birthdays between the 11th and 20th.
- September 25th: Payments for retirees starting benefits after May 1997, with birthdays between the 21st and 31st.
Additionally, Supplemental Security Income payments will be issued on August 30th due to a calendar irregularity.
Conclusion
The 2024 COLA adjustment provides a welcome increase to Social Security benefits, helping beneficiaries keep up with inflation. Be sure to check the payment schedule and adjust your expectations accordingly for the upcoming month.