According to the Social Security Administration, Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase by 3.2% in 2024. This is the annual cost-of-living adjustment (COLA) required by law. The increase will begin with benefits that Social Security beneficiaries receive in January 2024. Increased SSI payments will begin on December 30, 2023. The COLA increase will raise Social Security payments by 3.2%, which will raise the average monthly payments by more than $50. The average new payments for 2024, based on recipient groups, are as follows:

• Retiree: $1,885
• Worker with disabilities: $1,530
• Senior couple, both receiving benefits: $3,067
• Widow(er): $1,759
• Widow(er) with two children: $3,633

Social Security beneficiaries will notice the COLA increase on their monthly checks starting in January 2024. Checks are disbursed on scheduled Wednesdays each month, so when beneficiaries receive the increase depends on their birth date and when they started receiving Social Security benefits.