Social Security beneficiaries have cashed in their second payment of the COLA Social Security 2024.
The 3.2% increase in the COLA Social Security 2024 is a sign of regularity and that inflation is getting good
The Social Security COLA 2024 will be 3.2% in 2024, down from the massive boost of 8.75% implemented this year.
The increase of COLA Social Security 2024, which the Social Security Administration announced last Thursday morning, is higher than the average of 2.6% seen over the past 20 years. However, the decline in the COLA from 2023 is a sign of cooling inflation.
The rise amounts to an average increase of $50 a month for the 66 million people who receive COLA Social Security 2024, as well as the 7.5 million who get Supplemental Security Income.
Read Also: Social Security 2024 COLA Boost: You’ll Receive A Larger Check In The Following Year
COLA Social Security 2024 Payment Schedule
COLA Social Security 2024 recipients who were born between the first and 10th of the month received their checks yesterday, February 14th, while those born between the 11th and 20th can expect their payments on February 21st.
COLA Social Security 2024 Beneficiaries who have birthdates after the 21st of the month will see their money on February 28th, per the full schedule.
The maximum amount is COLA Social Security 2024 is $4,873, and the average paid to retirees each month is $1,907. The COLA Social Security 2024 payments show an increase of $58 on average compared to the 2023 amount.