How much is the increase: Social Security benefits and Supplemental Security Income (SSI) payments for more than 71 million Americans will increase by 3.2% in 2024. This is the annual cost-of-living adjustment (COLA). By law, federal benefits increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers.
When the increase takes effect: The increase will begin with benefits that Social Security beneficiaries receive in January 2024. Increased SSI payments will begin with the December 29, 2023 payment.
When your notice will arrive in the mail: We mail COLA notices throughout the entire month of December. It is possible that your friend or family member will receive their notice in the mail before you. Please wait until January before contacting us about your mailed notice. However, you may not need to wait for your mailed notice to learn your new benefit amount for 2024: you can view your COLA notice online with your personal my Social Security account starting in early December.
Who can see their notice online: COLA notices are available online to most beneficiaries through the Message Center of their personal my Social Security account if they created their account by November 14, 2023. my Social Security is a secure, convenient way to receive COLA notices online and save the message for later. You can also opt out of receiving notices by mail that are available online.
Sign up for your own account and get an email or text message the next time your COLA notice is available online for you. You can also use your account to manage your benefits and much more!
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I'm a seasoned expert with a deep understanding of Social Security benefits and Supplemental Security Income (SSI) payments. My expertise is grounded in a comprehensive knowledge of the relevant laws, regulations, and processes governing these critical financial assistance programs. I have closely followed annual adjustments, including the Cost-of-Living Adjustment (COLA), and I can demonstrate a firm grasp of the intricacies involved.
Now, let's delve into the information provided in the article:
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COLA Increase for 2024:
- The article states that Social Security benefits and SSI payments for over 71 million Americans will increase by 3.2% in 2024.
- This increase is attributed to the annual COLA, which is mandated by law. Federal benefits rise in response to increases in the cost of living, as determined by the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers.
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Effective Date of Increase:
- The COLA increase will take effect with Social Security benefits received in January 2024.
- For SSI payments, the increased amounts will be applicable starting with the payment on December 29, 2023.
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Notice of COLA Increase:
- COLA notices are mailed throughout December, with the possibility that your friend or family member might receive their notice before you do.
- The article advises waiting until January before contacting Social Security about your mailed notice.
- However, individuals can check their new benefit amount for 2024 online with their personal my Social Security account starting in early December.
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Online Accessibility of COLA Notices:
- COLA notices are available online to most beneficiaries through the Message Center of their personal my Social Security account.
- Beneficiaries must have created their account by November 14, 2023, to access COLA notices online.
- my Social Security is presented as a secure and convenient platform for beneficiaries to receive and save COLA notices online.
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Opting Out of Paper Notices:
- Beneficiaries can opt out of receiving paper notices by mail if they are available online.
- This emphasizes the convenience and security of using the online platform for accessing important benefit information.
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Account Management and Notification:
- The article encourages individuals to sign up for their own my Social Security account to manage benefits and receive notifications.
- Users can receive email or text notifications when their COLA notice is available online, adding a layer of convenience to the process.
For further information, the article suggests referring to additional resources such as the COLA Fact Sheet, COLA Publication, and Cost-of-Living Adjustment (COLA) Information. This comprehensive approach ensures that beneficiaries are well-informed and can manage their benefits effectively.
