"Latest Social Security COLA Adjustments: New Payment Schedules and Benefit Increases Explained"
Social Security and Supplemental Security Income (SSI) recipients in the United States will see a 3.2% increase in their benefits in 2024 due to a cost-of-living adjustment. This increase is designed to help beneficiaries cope with rising expenses amid inflation. The average monthly increase will be over $50, with the payment schedule based on the recipient's birth date. This marks the third consecutive year of benefit increases following a 8.7% raise in 2023 and a 5.9% raise in 2022. The first payments with the new increase began in January, with SSI recipients receiving their adjusted benefits on December 29 due to the New Year holiday.