Wondering What Your 2024 Social Security Increase Will Be? Here’s How to Find Out
The Social Security Administration will start sending out 2024 cost-of-living adjustment (COLA) notices by mail throughout December.
Starting Jan. 1, Social Security benefits will increase by 3.2%. But what does that mean for your check?
How to Find Out Your 2024 Social Security COLA
You can see your COLA notice online sooner by creating a My Social Security account no later than Nov. 14.
If your COLA isn’t available online yet, you can get an update as soon as it’s posted by enabling account notifications. Simply log into your My Social Security account, then select email or text notifications under message center preferences.
Or, you can do the math yourself.
Simply multiply your current benefit amount by 0.032 to determine how much your monthly payment could increase.
For example, if you receive an average monthly Social Security benefit of $1,200, you would multiply that by 0.032 and find that your checks will increase by $38.40 per month next year.
Roughly 71 million Americans will see a historic 3.2% bump in their monthly Social Security benefits and Supplemental Security Income payments next year.
It’s a significantly smaller adjustment than the historic high in 2023; last year, recipients saw their benefits increase by 8.7%, the highest adjustment in four decades.
How to Create a My Social Security Account
If you don’t already have an account, you can create one anytime. However, only beneficiaries who created an account prior to Nov. 14 will receive their 2024 COLA notice online.
It’s a good idea to create an online account for other reasons, too — especially if you receive Social Security or SSI benefits.
With a My Social Security account, you can also:
- Request a new Social Security card.
- Set up or change direct deposit.
- Get your Social Security tax form (SSA-1099).
- Print a benefit verification letter.
- Change your address.
To create an account, you’ll need to do the following:
- Verify your identity by entering personal information about yourself.
- Answer some security questions.
- Create a username and password.
- Confirm your email address or phone number by entering a one-time security code.
Whether you have an online account or not, you can expect to receive a paper notice in the mail in December.
How Much Money Will the Average Social Security Recipient Get in 2024?
The 2024 COLA increase marks a drop compared to 2023’s major increase, though recipients will still see benefits increase by 3.2%.
Here’s what that looks like for the average recipient:
- Retired workers will get an extra $59 a month on average, bringing the average monthly benefit to $1,906.
- Disabled workers will get an extra $48 a month on average, bringing the average monthly benefit to $1,537.
- The maximum Supplemental Security Income (SSI) benefit for individuals will increase by $29 a month, bringing the maximum monthly benefit to $943.
Some of That COLA Goes to Medicare
An extra $50 a month is nice, but be ready for some of that extra cash to get gobbled up by the rising cost of Medicare Part B premiums. They’re projected to rise from $164.90 to $174.80 — about $10.
After factoring in that premium increase, retirees really only have an extra $40 in their budget.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder. Timothy Moore contributed to this report.