- Personal Finance. Unemployment Benefits December: How long does it take to start receiving payments?
- Personal Finance. Texas Direct Pay: How do I apply to receive the $2,400 payment directly into my account?
On January 1, 2024, Social Security benefits and Supplemental Security Income (SSI) payments will increase by 3.2% due to a cost-of-living adjustment (COLA).
This means that the average Social Security retirement benefit will increase by 50 dollars per month, while the maximum SSI benefit will increase by 127 dollars per month.
The measure is updated annually, and this year the COLA will have a significant impact.
Which social benefits will increase in 2024?
Several social benefits will increase because of the COLA, including the following:
- Social Security retirement benefits, which includes benefits for retired workers, their spouses, and their dependents.
- Social Security disability benefits, which covers benefits for disabled workers, their spouses, and their dependents.
- SSI benefits which give assistance to low-income disabled adults and children.
- Retirement Railroad Retirement Board (RRB) benefits for retired railroad workers and their dependents.
- Social Security Survivor Benefits which provides benefits for widows, widowers, and dependent children of deceased workers.
What is a COLA increase?
The COLA increase is meant to help beneficiaries keep up with the rising cost of living.
However, it is not always enough to cover the full cost of inflation.
As a result, many beneficiaries may find that their benefits are not going as far as they used to.