Social Security beneficiaries, including those on SSI, SSDI, and VA, can expect an increase in their benefits in 2024, with a possible additional $2,400 due to a 3.2% COLA adjustment to offset inflation. Payments will start on December 29, 2023, for SSI recipients due to the New Year holiday, with other beneficiaries receiving their adjusted benefits based on their birthdate schedule. Additionally, the Social Security tax wage base will rise to $168,600, resulting in higher taxes for some high-income earners to fund the program. Beneficiaries are encouraged to maximize their earnings before retirement to increase their benefit amounts.
The VA COLA increase for single veterans in 2024 is 3.2%. This means that single veterans who receive VA disability benefits will see their benefits increase by 3.2% in January 2024. The amount of the increase will vary depending on the veteran's individual disability rating. The increase will be automatically calculated and applied by the VA for the first payment of the new year. Single veterans may also be eligible for additional benefits such as increased disability compensation, assistance with activities of daily living, housebound allowance, and dependent parent benefits.
Retirees can estimate their Social Security benefits early by using the 3.2% forecast from The Senior Citizens League (TSCL), which predicts an average increase from $1,790 to $1,847.30. Alternatively, they can sign up for a free "my Social Security" account to estimate future benefits and receive COLA adjustment notices sooner. The Social Security Administration typically sends out notices in December, but online account holders may be able to access their specific COLA increase notices in December through the "Message Center" within their account.
Social Security beneficiaries can expect a 3.2% increase in their monthly payments starting in January 2024, based on the projected cost-of-living adjustment (COLA) determined by the Consumer Price Index for Urban Wage Earners and Clerical Workers. The average monthly increase for different recipient groups ranges from $47 to $113, with retirees receiving an average of $58 more per month. The official figure will be announced in mid-October, and the COLA increase will be reflected in the January 2024 checks.
Social Security recipients can expect a 3.2% cost-of-living adjustment (COLA) increase in their monthly payments starting in 2024, based on the latest inflation numbers. The exact amount will be determined in October 2023. The expected average new payments for 2024 range from $1,530 for workers with disabilities to $3,633 for widows(er) with two children. The COLA increase will be reflected in January 2024 checks, with the specific date depending on the recipient's birth date and when they started receiving benefits.
Social Security beneficiaries can expect a 3.2% increase in their monthly checks in 2024 due to inflation. The exact amount will be determined in October 2023, but based on current projections, the average increase for retirees will be $58, for workers with disabilities $47, for senior couples $95, for widows/widowers $55, and for widows/widowers with two children $113. The COLA increase will be reflected in January 2024 payments, with the specific date depending on the recipient's birth date and when they started receiving benefits.
