The Social Security COLA 2024 Increase

Submitted by rsg on

Every year the Federal Government that administers Social Security benefits adjusts the payments made according to the increase in the cost of living. Around 70 million Americans are now expecting an increase of 3.2% in their payments because of the 2024 COLA (cost of living adjustment).

This Social Security increase for 2024 will apply to both those on SSDI and SSI benefits. As these increases on the social security COLA 2024 are automatic, it means that those already receiving benefits don’t actually have to do anything as their checks will be adjusted in line with the 3.2% increase. You can see what difference the social security raise in 2024 will make by checking the table shown below in this article.

Will I Get a Social Security Raise in 2024?

All social security payments will be increased in 2024 by the cost of living adjustment (COLA). This is determined every year as a result of measurements recorded by the federal government’s Department of Labor’s Consumer Price Index. It is a fact of life that very few goods and services ever go down in price. Quite the reverse as most items, including basics like food, rents, gas, electricity, consumer goods, tend to go up. This means that if the SSA didn’t increase benefits each year, those on benefits would lose out.

Social Security Cola 2024 Increases

All benefits paid out by the Social Security Administration (SSA) are automatically updated to take into account the 2024 COLA increase. Basically, whatever you were paid in 2023 will go up by 3.2% in 2024. The actual 2023 amounts and the new 2024 amounts are listed in the table below.

Category of Beneficiary
2023 Amount ($/month)
2024 Amount ($/month)
After 3.2% Increase
Non-Blind Disabled Workers$1,470$1,550
Blind Disabled Workers$2,460$2,590
SSI Individual$914$943
SSI Couple$1,371$1,415
All Retired Workers$1,848$1,907
Age Couple, Both Receiving Benefits$2,939$3,033
Widowed Mother and Two Children$3,540$3,653
Aged Widow(er) Alone$1,718$1,773
Disabled Worker, Spouse and One or More Children$2,636$2,720
All Disabled Workers$1,489$1,537

What Does This Mean For Your Benefits?

Payment changes due to the social security COLA 2024 increase will be made automatically. If you are already receiving a social security benefit, it will be adjusted without you having to do anything. Most beneficiaries will receive a notification about the COLA increase in December this year (2023) through their ‘My Social Security’ account message center.

Get Help Today

If you have become disabled or your current disability has meant that you can no longer work, or you don’t anticipate that you will be working for at least the next 12 months, you may be able to apply for a social security disability benefit through the SSA. It’s not always easy applying for a benefit and in fact it is quite common for applications to be denied, at least initially.

This is often because applications have not been supported fully by the information required by the SSA or because the criteria held by the SSA are not reached by your disability. You may have a better chance of successfully applying for a SSDI or SSI benefit if you use a disability lawyer to help you with your claim. Get a Free Case Evaluation today!

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