In the final Social Security payment of 2023, beneficiaries are set to receive $4,555, marking the last disbursement for the year. As recipients await the year-end payment, attention is turning toward the anticipated increase for 2024. Discover the details of the current payout and get a glimpse of what to expect in the coming year.
Last Round of Payments: Millions Receive $4,555 in Final 2023 Social Security Checks
Millions of eligible Americans, particularly those with birthdates after the 21st of the month, are set to receive their last Social Security payment of the year on December 27. The final check for 2023 amounts to up to $4,555, marking the culmination of the year’s COLA (Cost of Living Adjustment) payments.
As the final round of 2023 payments goes out, anticipation builds for the year ahead. The Social Security Administration has already announced a 3.2 percent COLA for 2024. This means that retirees can expect an average monthly increase of $58 starting next month. Retired workers, on average, will receive $1,907 per month in the new year, while those over 70 will see monthly benefits increase to $4,873.
The COLA adjustments play a crucial role in the financial well-being of retirees. The 3.2 percent increase in 2024 reflects a continuing effort to align benefits with the rising cost of living. Understanding how these adjustments impact monthly benefits provides retirees with valuable insights into their financial outlook for the coming year.
READ ALSO: Arkansas had 35.6 mortgage refinances per 1,000 households in 2022, below the national average.
Navigating Social Security Changes and Planning for the Future
As beneficiaries receive their final 2023 payments and prepare for the 2024 adjustments, it’s an opportune time for individuals to assess their financial plans.
Empowering retirees with information on navigating Social Security changes and strategically planning for the future can help ensure a more secure and stable retirement.
READ ALSO: Car-Loan Borrowers Struggle as Interest Rates Rise, Impacting Negative Equity and Vehicle Values