The US Social Security Administration announced a change in the amount of payments for retirees and disability beneficiaries in June 2024, following the Cost of Living Adjustment (COLA) increase implemented earlier in the year. The adjustment aims to reflect the increase in purchasing power for Social Security benefits despite inflation. Beneficiaries can expect their adjusted payments to be made on specific dates in June based on their birthday, with the exact payment schedule available on the SSA’s official website.
The COLA increase of 3.2% for 2024 will result in higher monthly payments for beneficiaries starting in June. This increase is significant, especially after the 8.7% COLA increase in 2023, marking the largest increase in four decades. To determine the exact amount of the increase in their payment, beneficiaries can utilize the SSA’s Benefit Estimator tool. Additionally, individuals who are not already receiving Social Security benefits but believe they are eligible can apply online, by phone, or in person at their local SSA office, meeting minimum requirements such as age, work history, and disability status.
In light of the annual COLA adjustment and the increase in Social Security payments, beneficiaries can anticipate a higher monthly amount starting in June 2024. The adjustment is crucial in maintaining the purchasing power of benefits amidst inflation and ensures that retirees and disability beneficiaries receive the financial support they need. By understanding the payment schedule, utilizing the Benefit Estimator tool, and meeting the requirements for applying for benefits, individuals can navigate the changes effectively and access the resources available to them through the SSA.
