Will Social Security Get a Raise in 2024? How Do I Check My Social Security?

Will Social Security Get a Raise in 2024?

Certainly, Social Security recipients will receive a raise in 2024. The Social Security Administration has announced a 3.2% increase in benefits and Supplemental Security Income (SSI) payments for over 71 million Americans.

This boost, averaging over $50 per month, is attributed to the Cost-of-Living Adjustment (COLA), aimed at counteracting the escalating costs of goods and services. It's worth noting that the potential impact of Medicare premiums for 2024 might offset some of these gains.

When will I See the increase in Social Security Benefits?

The increase in Social Security benefits due to the COLA adjustment takes effect in January 2024. Payment distribution is based on recipients' birthdays. Those who started receiving Social Security benefits before May 1997 should have received their payment on January 3, 2024.

• For birthdays between January 1 and January 10, the payment was sent out on Wednesday, January 10.
• If the birthday falls between January 11 and January 20, the payment was disbursed on Wednesday, January 17.
• Recipients with birthdays between January 21 and January 31 can expect their payments on Wednesday, January 24.

How Do I Check My Social Security? 

To check your Social Security benefits, you can access the official Social Security Administration website and create an account. Once registered, you can view your benefit statement, update personal information, and check the status of your benefits. Additionally, you can contact the Social Security Administration directly by phone or visit a local Social Security office for assistance.

Regularly reviewing your benefit statements ensures you stay informed about any updates, adjustments, or changes to your Social Security benefits. It's essential to maintain accurate and up-to-date information to ensure you receive the correct amount and stay informed about any adjustments tied to factors like the Consumer Price Index.

What is Social Security’s COLA?

The Cost-of-Living Adjustment (COLA) is a mechanism designed to increase Social Security benefits, aiming to offset the impact of inflation. The adjustment is calculated based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was determined to the third quarter of the current year.

For 2024, the taxable maximum amount of earnings subject to the Social Security tax will rise to $168,600. Additionally, the earnings limit for workers below "full" retirement age will increase to $22,320, with no earning limit for those who are "full" retirement age or older for the entire year. This annual adjustment ensures that Social Security benefits align with the rising cost of living, providing financial stability for beneficiaries.

Record of Automatic Cost-Of-Living Adjustments

The Automatic Cost-of-Living Adjustment (COLA) is a mechanism established to safeguard the purchasing power of Social Security and Supplemental Security Income (SSI) benefits from inflation. Enacted as part of the 1972 Social Security Amendments, automatic annual COLAs began in 1975, replacing the previous practice of benefits being increased through special legislation by Congress.

The COLA is determined by the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the last year a COLA was decided to the third quarter of the current year.

Here is a record of Automatic Cost-of-Living Adjustments received since 1975: where in July 1975: 8.0%, The January 2024 COLA is 3.2%, continuing the tradition of these adjustments aimed at maintaining the real value of benefits against the effects of rising prices