The cost-of-living adjustment (COLA) for Social Security in 2024 will take effect for most benefit recipients in January 2024. However, some Supplemental Security Income (SSI) recipients will get it earlier. Here's what you need to know
The cost-of-living adjustment for Social Security in 2024 will take effect for most benefit recipients in January 2024. However, some Supplemental Security Income recipients will receive their COLA in December 2023.The first group to see the $59 bump in monthly benefits will be Supplemental Security Income recipients, who will get their COLA in Dec. 2023.The first of the month in January 2024 falls on a holiday, so the checks are sent out on the nearest business day.
If your birthdate is between the 11th to the 20th of the month, your payments should arrive on the third Wednesday of each month. Recipients, who fall under this category, will get their first check with the COLA for 2024 by Jan. 17. If your birthday happens to be from the 21st to the 31st, your payments are scheduled for the fourth Wednesday of each month. If you fall under this category, your first check with the COLA for 2024 should arrive by Jan. 24.
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