The Social Security Administration (SSA) announced the 2024 cost-of-living-adjustment (COLA) increase. The 3.2% 2024 COLA increase puts more money in the pockets of:
- Retirees and survivors receiving monthly Social Security payments
- Veterans and their eligible dependents getting monthly VA disability or pension payments
- Beneficiaries of Supplemental Security Income (SSI) and Social Security disability insurance and their eligible dependents
The Social Security Act outlines how they calculate COLA. It ties the annual amount to the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (which is determined by the Bureau of Labor Statistics). Though not as generous as in recent years, the 2024 COLA raise is higher than the average over the last 20 years, which was 2.6%.
Let’s look at what the new benefit increase means for you.
PRO TIP: Download the mySocialSecurity app to keep up with information that impacts your benefits once they begin.
How the 2024 COLA Increase Affects Social Security
The 2024 COLA increase averages $59 every month for 66 million retirees and survivors. The amount you actually receive depends on multiple factors, such as:
- Your Medicare Part B premium, which usually comes out of your Social Security payment. Next year’s Medicare Part B premium is set to go up $14 per month.
- Tax withholding you authorized from your benefits, if applicable.
IMPORTANT: If you’re retiring early for health issues, don’t apply for Social Security benefits just yet. Instead, ask your doctor if you qualify for Social Security Disability Insurance (SSDI) benefits. Taking early retirement benefits can lower your regular Social Security payments for the rest of your life!
How Much Will Social Security Retirement Benefits Go Up in 2024?
The 2024 COLA increase will raise monthly payments for retirees.
- Retired workers: $1,907, up from $1,848 in 2023
- Couples who both receive benefits: $3,033, up from $2,939 in 2023
PRO TIP: Find the new 2024 Medicare benefit amount at www.medicare.gov or the mySocialSecurity app.
Will the 2024 COLA Increase Affect SSDI Payments?
Yes! People on SSDI benefits also get the 3.2% raise.
- All disabled workers: $1,537, up from $1,489 last year
- Disabled worker, spouse, and one or more children: $2,720, up from $2,636 last year
New payments begin in January 2024 on the Wednesday assigned to you based on your birth date.
Will the 2024 COLA Increase Impact for People on SSI?
Yes! The higher payments to approximately 7.5 million people on SSI disability begin on December 29, 2023. For 2024, the maximum monthly SSI payment will be:
- Individuals: $943, up from $914 in 2023
- Couples: $1,1415, up from $1371 last year
PRO TIP: Talk to a Social Security attorney to understand your personal situation before applying for any disability benefits.
How does the 2024 COLA Impact Survivor’s Benefits?
If a worker dies while receiving Social Security retirement or SSDI, the SSA pays survivor’s benefits to eligible family members. The almost 6 million widowed spouses and children getting survivor’s benefits can also expect a 2024 COLA raise.
- Widowed mother and 2 children: $3,653, up from $3,540 last year
- Aged widow(er) alone: $1,773, up from $1,718 last year
When Will the Survivor’s Raise for 2024 Show Up in My Bank Account?
Survivors and dependents can expect the increase in January 2024.
PRO TIP: Learn about survivor’s Social Security benefits that may be available when your spouse dies.
How Much will VA Disability Increase in 2024?
President Joe Biden signed the Veterans Compensation Cost-of-Living Adjustment (COLA) Act of 2023 into law. The act authorizes a 2024 COLA for veterans equal to the Social Security adjustment for retirees and people on disability. That means VA disability benefits also increase 3.2% in 2024.
- Veterans with a 10% disability rating: up to $5.31 per month
- Veterans with 100% disability with no dependents: $115.90 per month
PRO TIP: Find out if you qualify for a higher disability rating.
IMPORTANT: The Dependency and Indemnity Compensation (DIC) benefits for surviving spouses of disabled veterans also get the 2024 COLA 3.2% raise.
When Does the 2024 VA Disability Raise Go Into my Bank Account?
The increase is effective in December 2023. So, it will show up in your January 2024 VA benefits payment.
PRO TIP: Get free help working with the VA.
How to Get Free Expert Help Filing a Disability Claim with the SSA or VA
IMPORTANT: Legal assistance makes you 3x more likely to get disability.
Government reports show having a Social Security attorney file your paperwork dramatically increases your odds of benefit approval. The same goes for the VA.
We can match you with a local lawyer who’s available to give you free claim help by phone today. If your claim isn’t successful, then you owe $0 for legal assistance. But if you do win, then you’ll only pay a small one-time fee.
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Margot Lester is the CEO of The Word Factory, a B2B & B2C content marketing agency that provides services for Fortune 100 brands, healthtech companies and SaaS developers. An award-winning business and brand journalist, she writes for daily and weekly newspapers and business journals, national magazines, in-flight publications and leading websites. Margot is also an in-demand writing coach and organizational communications trainer, helping individuals and teams write more effectively. Twitter/X: @word_factory LinkedIn: linkedin.com/in/margotlester.