In the eagerly awaited Social Security updates for 2023, beneficiaries can anticipate a significant boost in their income, with a new Cost of Living Adjustment (COLA) set to take effect imminently. The COLA for 2023 will result in a substantial $59 increase in Social Security payments, providing crucial financial relief for recipients. As beneficiaries gear up for these adjustments, it is also essential to explore the upcoming 2024 payment schedule to stay informed about the timing and frequency of these vital financial disbursements.
Boost for Fixed Incomes
The U.S. government is set to boost Social Security recipients and others with fixed incomes.
Starting January 2024, the projected average monthly retirement payout is expected to increase from $1,848 to $1,907, reflecting a 3.2% monthly rise, equivalent to $59 per month.
This move aims to enhance the financial well-being of retirees and individuals on fixed incomes.
Staggered Distribution and Current Figures
The annual cost-of-living adjustment (COLA) for 2024 will be implemented through staggered weekly distributions based on the recipient’s birthday.
As of 2023, Social Security recipients receive an average monthly check of $1,827, with the maximum amount set at $4,555. With the upcoming 3.2% increase, retirees can anticipate a welcome moderate monthly boost of $59, providing some relief in meeting the challenges of everyday expenses.