If you’re a Supplemental Security Income beneficiary, you’re getting a cost of living adjustment this month. Due to high levels of inflation, the Social Security Administration has increased the COLA for 2024 by 3.2%. But unlike other Social Security recipients, you can expect to see your first COLA increase in December 2023 instead of January 2024. We’ll explain why below.
Early this month, you should be able to check your My Social Security account message center for a notice about your new benefit amount (you can opt out of the mailed COLA notice if you’d rather receive it online). Note that the deadline for creating an account was Nov. 14 so if you missed it, you’ll need to keep an eye out for a letter in the mail with all the details about your increase.
Everyone else who receives Social Security payments will get their first check in January 2024. Here’s why you’re getting your first increased payment in December if you receive SSI and when you can expect it. Additionally, here’s the Social Security payment schedule and Social Security Disability Insurance payment schedule. Also, here’s how much Medicare premiums and deductibles will be in 2024.
