Social Security payments increased in size by 3.2% at the turn of the year. The increase to the COLA is made based on the annual increase in the Consumer Price Index for Salaried Workers in Urban Areas and Administrative Workers (CPI-W).
To determine this, the SSA compares the CPI-W for the third quarter of the year - July, August and September - to the CPI-W for the third quarter of the current year. The difference between one and the other will be the equivalent of the increase in COLA.
How much have your payments increased?
With the 3.2% increase, the average payment of a retired worker for 2024 has increased by approximately $57, which leaves the checks for next year at an average of $1,885.
According to the official statement, Social Security began notifying people of their new benefit amounts by mail in early December.
The exact number varies depending on the personal situation of each beneficiary. Here is a simple formula with which you can calculate the increase in your payments for this year: multiply the figure of your current benefits by 1.032.
Annual Amounts Table
| Recipient | Unrounded annual amounts for 2023 | Unrounded annual amounts for 2024 | Monthly amounts for 2024 |
|---|---|---|---|
| Eligible individual | $10,970.44 | $11,321.49 | $943 |
| Eligible couple | $16,453.84 | $16,980.36 | $1,415 |
| Essential person | $5,497.80 | $5,673.73 | $472 |
The maximum monthly SSI payments this year are $914 for an individual and $1,371 for a married couple where both spouses are eligible for the program. For 2024 the amounts are $943 and $1,415, respectively.
When will payments be sent this year?
The first round of payments were sent at the end of that month while other payments will be continuing in January as per the Social Security payment schedule.
The increase in payments applies to the more than 71 million Social Security beneficiaries and will be reflected automatically starting from the first checks of 2024.
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January 05, 2024 at 08:45PM
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How much is the Social Security payment in 2024? Individual and couple payments - AS USA
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