The US Social Security Administration (SSA) announced a change in the amount of payments for retirees and disability beneficiaries starting in June 2024. This adjustment, expected by many, comes as a result of the COLA (Cost of Living Adjustment) increase that was implemented in January and is now reflected in summer payments.
When will I receive my payment?
COLA-adjusted payments will be made on three different dates in June:
- June 12: Beneficiaries whose birthday falls between the 1st and 10th of the month.
- June 19: Beneficiaries whose birthday falls between the 11th and 20th of the month.
- 26 June: Beneficiaries whose birthday falls between the 21st and 31st of the month.
The exact date you receive your payment will depend on your date of birth. You can check the full payment schedule on the SSA’s official website: [invalid URL removed].
Why is there a change in the amount?
The increase in payments is due to the annual COLA adjustment, which is intended to maintain the purchasing power of Social Security benefits despite inflation. The COLA for 2024 was set at 3.2%, however, 2023 was 8.7% the largest increase in four decades.
How does the COLA increase affect me?
The COLA increase means you will receive a higher monthly payment from June. The exact amount of the increase will depend on your current benefit amount. You can use the SSA’s Benefit Estimator to estimate how much your payment will increase: link
How do I apply for Social Security benefits?
If you are not already receiving Social Security benefits and believe you are eligible, you can apply online, by phone, or in person at your local SSA office.
Minimum requirements to apply for benefits:
- Age: You must be at least 62 to apply for reduced retirement benefits, or 67 to receive the full amount.
- Work history: You must have worked and paid Social Security taxes for a certain number of years.
- Disability: If you are applying for disability benefits, you must meet the SSA definition of disability and have a sufficient work history.