Americans will receive new Social Security benefits
of U.S. Social Security Administration The Social Security Administration (SSA) announced that it would be changing the amount of benefits paid to retirees and people on disability benefits starting in June 2024. This adjustment, which many expected, Cola The (cost of living adjustment) increases were implemented in January and are now reflected in summer payments.
When will I receive payment?
COLA adjusted payments will be made on three different dates in June.
- June 12th: Beneficiaries whose birthdays fall between June 1st and 10th.
- June 19th: Beneficiaries whose birthdays fall between June 11th and 20th.
- June 26th: Recipients whose birthdays are between June 21st and 31st.
The exact date you receive your payment depends on your date of birth, and you can find the full payment schedule on the SSA’s official website. [invalid URL removed].
Why does the amount change?
The increase in payments comes from annual COLA adjustments, which are intended to maintain the purchasing power of Social Security benefits despite inflation. The COLA for 2024 was set at 3.2%, but for 2023 it will rise to 8.7%, the largest increase in the past 40 years.
How do COLA increases affect me?
The COLA increase means your monthly payments will increase starting in June. The exact amount of the increase will depend on your current benefits. You can use the SSA’s Benefits Estimator to estimate how much your payments will increase: Link
How do I apply for Social Security benefits?
If you haven’t yet received Social Security benefits and think you may be eligible, you can apply online, by phone, or in person at your local SSA office.
Minimum requirements to apply for benefits:
- Age: You must be at least 62 to apply for a reduced retirement benefit and 67 to receive the full amount.
- Work history: You must have worked for a certain number of years and paid social security taxes.
- Disability: If you are applying for disability benefits, you must meet the SSA’s definition of disability and have a sufficient work history.
