(NewsNation) — Social Security beneficiaries can expect a cost-of-living adjustment (COLA) increase in 2024. Experts estimate the COLA will be around 3.2%, or about $58 a month for the average retiree.
Here’s how you can find out early how much more you’ll see in your own check:
You can find out how much benefits will increase by creating an account on SSA.gov. After verifying your account, you’ll be able to get an estimate of your retirement benefits and view how those benefits may change depending on your retirement age.
The official announcement of the 2024 COLA increase is eagerly awaited, and an exact figure will not be unveiled until Oct. 12, upon the release of the third-quarter inflation data for 2023.
Once the COLA is announced, recipients will be notified of their exact adjustment in the “messages” tab within their SSA portal.
Recipients can also calculate their benefits themselves by multiplying the percentage increase by their current monthly benefit amount.
For example, if a recipient’s average monthly Social Security check is $1,790 when multiplied by 3.2% or 0.032%, their estimated 2024 COLA would increase to around $1,847.28 — a $57.28 increase.
Recipients should start to see the COLA increase on their monthly checks starting in January 2024.
Checks will be disbursed on scheduled Wednesdays each month. The schedule depends on your birth date and when you started receiving Social Security benefits.
For more information and updates on the upcoming COLA increase, beneficiaries are encouraged to visit the official Social Security Administration website or consult their local Social Security office.