Changes in Social Security for 2024

The new head of Social Security Administration has been confirmed as former Maryland Gov. Martin O'Malley. The 72 million Social Security recipients are about to receive an increase in their monthly benefits in 2024. The cost-of-living adjustment (COLA) has been set to rise by 3.2%, the smallest increase in three years due to a cooling inflation rate. The average benefit check will rise to $1,907 from this year's $1,858. The new COLA will take effect in January for most recipients, with Supplemental Security Income (SSI) recipients receiving their payments earlier. The schedule for the new benefit checks is as follows: Dec. 29, 2023: SSI recipients will start receiving their increased benefits. Jan. 3, 2024: Beneficiaries who started claiming Social Security before May 1997 or receive both Social Security and SSI will get the new COLA in a Dec. 29, 2023 check. Jan. 10, 2024: Those with a birthday between the 1st and 10th day of their birth month will receive their first benefit check with the new COLA. Jan. 17, 2024: Those with a birthday between the 11th and 20th day of their birth month will receive their higher payment. Jan. 24, 2024: Those with a birthday between the 21st and 31st of their birth month will receive their benefit check. The increase in the benefit check depends on the current benefit level and may be viewed online for those with a mySocialSecurity account. The 2024 COLA of 3.2% is higher than most years in the past decade.