The COLA is one of the most useful mechanisms for all United States Social Security beneficiaries. Thanks to the COLA, Americans can access a larger check each year. This means that in June of the current year we have a much larger check than in June of the previous year.
Thus, thanks to the COLA, retirees can have a more balanced standard of living. At the end of the day, Social Security payments do not increase in any way other than this. Therefore, we can’t ask for a retirement increase, but we can get the annual COLA to reach higher figures.
What is the maximum Social Security figure with the COLA 2024 in June?
In the month of June, the maximum check for all retirees is $4,873. However, this maximum check is only for retirees who applied for the check at age 70. Each group of beneficiaries has a maximum check.
Regardless of what the maximum Social Security check is in the group to which we belong, the truth is that it is not always easy to reach that amount. But what is certain is that we will get 3.2% more in benefit in June 2024 than we did in June 2023.
Thus, this coming month’s payments will be the same as in the previous months of 2024, but 3.2% higher than in the previous year. And best of all, the COLA is automatic, so we don’t have to apply for it.
Social Security checks in June 2024
Before the end of June, the Social Security Administration will send four different checks to different groups of retirees. Knowing the exact day we will get the monthly payment is very easy. Likewise, knowing the amount we will get is also easy, since the check is the same as in previous months this year.
The first of the payments will be on June 3rd. This check is for all beneficiaries who applied for their benefit before May 1997. There is no other separate requirement, so if you meet that one you can have your payment on June 3rd with no problems.
The rest of the beneficiaries, all those who have had their benefit since after May 1997, will get their check from Social Security on June 12th, 18th and 26th. However, each of these days will go to a different group of beneficiaries depending on their birthday.
Finally, we should note that we will get our Social Security payment on any of these days regardless of the type of benefit we have. If our check is for Disability or retirement at age 65, we will get it anyway.