the COLA update
The cost of living adjustment allows for an increase on the social security and supplemental security income programs in July 2024 to be set at 3. 2%. Such adjustment assist the beneficiaries to be on par with inflation and hence rising life costs.
This is calculated and determined by using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) of the preceding year’s third quarter.
Payment Amounts
Social Security Benefits:
In the case of monthly benefits for retirees there will be an increase from $1,848 to $1,907 on average.
Widows and women with two children will see raise from $3,540 to $3,654 for the monthly take home.
SSI Payments:
Annually, there will be a $29 enhancement of the monthly benefits from $914 to $943.
These adjustments are essential in the event of running a business or even personal expenditures in a high cost area.
Eligibility Criteria
Eligibility for the COLA-adjusted benefits follows the same criteria as for Social Security and SSI
Social Security: It starts at age 62 but if one wishes to receive more he/she can delay the start up to a higher amount. Work history and earnings of the individual determine whether one qualifies or not.
SSI: Depending on the household gross income and gross total assets, applicable to the disabled people, senior citizens, and some children.
Payout Dates
COLA-adjusted payments will follow the standard schedule:
SSI: Administered on the first every month.
Social Security:
Those born between the 1st and the 10th, the payments will be on 10th of July 2024.
ALegs 11 to 20 will be paid on the 17th of July in the year 2024.
Those born between the 21st and 31st will make payments on the 24th of July, 2024.
Impact on Benefits
Social Security: The $9. 71 raise, or the 3. 2% COLA, assists retirees and people suffering from disabilities who face elevated costs of living. The top end of the social security tax-adjustable income will be $168,600 for 2024.
Disability Benefits: For single persons, the monthly benefits rise to $943, while for married couples, $1,415 will be given to couples filing jointly.
