The 2024 Cost-of-living adjustment in Social Security will also affect August payments, as with all other benefits for the year. Therefore, the retirement benefit payroll will have a higher amount than in the previous year 2023. This means that all beneficiaries can get a higher payment during this year.
In this sense, every American with a retirement check can enjoy a larger amount in each new year. And that’s just what happened as 2024 began. Thanks to the COLA, Social Security payments increase each year, and this August 2024 we can see that increase compared to August of the previous year.
Currently, the maximum age retirement check can be up to $4,873. If we talk about the Disability benefit, the payment can reach $3,822, but it is true that that is only for the citizens who have the highest check available. The rest of the beneficiaries will get the same amount as in 2023 but with the addition of 3.2% of this year’s COLA.
Upcoming Social Security payments in August 2024
The Social Security COLA does not change the day we get each of our retirement payments. So the next checks will arrive according to the established schedule, but there is no need to do anything in the event that we have a check accepted.
So, if you are expecting to get your Social Security retirement payment with the benefit increase, you should check the requirements in the next few days:
- August 14. Retirees with benefits after May 1997 who are between 1 and 10 years old collect on this day.
- August 21. Retirees with post-May 1997 Disability benefits who turn 11-20 years old collect on this day.
- August 28. Retirees with a benefit after May 1997 who have a birthday between the 21st and the 31st will collect on this day.
- August 30. Supplemental Security Income payment. This payment is actually the September 2024 payment.
The last of these payments is not the Social Security retirement payment as such, but the extra Supplemental Security Income payment. Even so, this check will also have an increase due to the COLA and reaches $943 per month this year.
Can I increase my Social Security?
The truth is that many United States citizens wonder if it is possible to increase their monthly Social Security check. And the reality is that once we apply for retirement there is no way to increase the amount of the check we get. Only the COLA can make the check increase each year.
Therefore, we must pay attention to what the COLA will be in the coming years, since it will depend on it whether we will have a bigger check or not. If we have not yet applied for retirement payments, we can maximize the check by delaying the application, among other actions.