Social Security COLA Increase 2024: Here's How Much Monthly Checks Will Rise
You can expect your Social Security check to be bigger starting in January due to inflation.
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ExpertisePersonal Finance: Social Security and taxes
If there's been a yearly CPI increase (and there has been since 2022), the Social Security Administration will raise payments by the COLA. We'll have a definite answer of the exact amount of the 2024 Social Security COLA on Oct. 12, when the final inflation numbers of the third quarter of 2023 are released.
How much will my Social Security payment be with the 2024 COLA increase?
The COLA increase is currently expected to raise Social Security payments by 3.2%. Here are the expected average new payments for 2024, based on recipient groups.
Social Security COLA increase 2024
Average monthly increase
Average 2024 check amount
Worker with disabilities
Senior couple, both receiving benefits
Widow(er) with two children
Because the COLA increase for Social Security payments is determined by inflation between the third quarter of 2022 and the third quarter of 2023, the official figure for 2024 won't be set by the Social Security Administration until mid-October.
When will I see the COLA increase in my Social Security check?
Starting in January 2024, you'll notice the COLA increase on your monthly checks. Checks are disbursed on scheduled Wednesdays each month, so when you get the increase depends on your birth date and when you started receiving Social Security benefits.
If your birthday falls between the first and 10th of the month, your payment will be sent out on the second Wednesday of January 2024.
If your birthday falls between the 11th and 20th of the month, your payment will be sent out on the third Wednesday of January 2024.
If your birthday falls between the 21st and 31st of the month, your payment will be sent out on the fourth Wednesday of January 2024.
Payments for Supplemental Security Income recipients generally arrive on the first of each month, unless it's a holiday or weekend. And if you've received Social Security benefits before May 1997, your payment should arrive on Jan. 3, 2024.