October 12, 2023
If you are one of the 71 million Americans who receive Social Security or SSI or you know someone who does – you’re going to want to pay attention to this. Because those 71 million people are about to start seeing a little more money in their monthly check starting in 2024.
Today the Social Security administration announced Social Security and SSI recipients will be getting a 3.2% COLA increase. COLA stands for cost of living. By law – every year – based on inflation and cost of living, Social Security recipients get an adjustment to their benefit.
Starting with the first payment in 2024, the average monthly Social Security or SSI check will about $1907 that’s about $59 more per month than they were getting in 2023. Now it’s important to know this 3.2% increase is significantly smaller than the cola increases in 2023 and 2022. In 2022, the COLA increase was 5.9% and in 2023, the increase was the largest in more than 40 years at 8.7%.
Read the COLA increase announcement here.
