The Social Security 2024 will have an increase amount from $4,555 to $4,873.
Social Security 2024 (Photo: CNBC)
Social Security 2024 Update: COLA Adjustment
According to the Social Security Administration, Social Security 2024 and Supplemental Security Income (SSI) will have a boost of 3.2 percent which means the beneficiaries will see an average monthly increase of $58 which may be beneficial for 71 million Americans.
The 3.2 percent increase in COLA will begin with benefits payable to more than 66 million beneficiaries of Social Security 2024 in January. However, the increased payments for the SSI recipients will begin on December 29, 2023.
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Social Securit 2024 Increase from $4,555 to $4,873 Payment
According to the U.S. Sun, millions of Americans will get an increase in their payment of $4,555 to $4,873 due to the COLA adjustment of 3.2 percent which gives a monthly increase of $58 this coming Social Security 2024. It is also worth noting that the maximum amount for the Social Security 2024 tax will increase to $168,600.
Moreover, all retired workers will be receiving an average of $1,907 in the new year while retirees over the age of 70 will get $4,873, as per the Social Security Administration.
For now, the beneficiaries will be getting their final check of the year worth up to $4,555 on December 27 as the cost-of-living adjustment will be starting next Social Security 2024.
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