The COLA causes Social Security checks to increase each year so that United States retirees can effectively deal with inflation. Thus, if we have a retirement check, each year we will get an increase in that check that will help us pay our monthly bills.
Each year the COLA is different, since inflation is taken into account. The more inflation during the third quarter of the year, the more COLA Social Security beneficiaries will have. Be that as it may, the announcement of this COLA is always made at the end of October each year.
Who gets the Social Security COLA 2024 in August?
One of the features of each year’s COLA is that All United States citizens who get a Social Security check can enjoy it without any problems. The annual increase in retirement benefits is automatic and is for all citizens.
For that reason, every single American has been able to get a bigger check this August 2024 compared to the August 2023 check. The increase has been 3.2% in total, making the retirement checks have reached up to $4,873 in the maximum checks.
Likewise, Supplemental Security Income recipients have also seen an increase in their checks this 2024. Thus, a beneficiary with a Social Security SSDI benefit can enjoy up to $943 each month. This is a good amount for such an extra check.
On the other hand, United States disability retirees can get a check of up to $3,822. As with other retirement payments, this is only available to those Americans with the maximum benefit.
Upcoming Social Security Payments in August 2024
In order to get the next Social Security payments in August 2024, certain requirements must be met. On the one hand, it is necessary to belong to retiree group 4. On the other hand, it is also necessary to have a Supplemental Security Income payment accepted.
If we want to have clearer ideas, we can see below the schedule of payments and the requirements of these days. These are the next Social Security payments in August 2024:
- August 28th. Payment for group 4 retirees. This group of retirees has two requirements. On the one hand, to have a birthday between the 21st and 31st of any month. On the other hand, have Social Security retirement accepted since after May 1997.
- August 30th. Supplemental Security Income payment. All recipients of this benefit get payment on this day.
There is no way to get the payment on the same day the Social Security Administration sends it if we do not activate Direct Deposit. This collection method is immediate, so if we activate it we will not have to wait to get the monthly benefit.