January 2024 Windfall

Social Security beneficiaries can expect a 3.2% cost-of-living adjustment (COLA) increase in their checks, commencing in January 2024.

COLA Calculation

COLA Calculation

Based on the Consumer Price Index, the adjustment stems from the percentage increase from the third quarter of the prior year to the current year's third quarter.

Financial Impact

Financial Impact

Expect a significant boost, with an average monthly payment increase of over $50.

Payment Schedule

Payment Schedule

Disbursement on Wednesdays depends on birth date and benefit initiation.

SSI Recipients

Those on Supplemental Security Income (SSI) can expect their increased payments on the first of each month, accounting for holidays and weekends.

Early Beneficiaries

Those receiving benefits before May 1997 will see their increased payments on January 3, 2024.

Comprehensive Guide

Comprehensive Guide

Consult the Social Security cheat sheet for an in-depth understanding of benefit workings.

Application Assistance

Learn the application process for Social Security Disability Insurance (SSDI) and SSI.

Financial Preparedness

Gear up for a positive 2024 financial shift with the imminent COLA increase.