The United States’ Social Security Administration (SSA) has announced that the cost-of-living adjustment (COLA) for 2024 will be 3.2%.
This means that recipients of Social Security checks, including beneficiaries of the Supplemental Security Income (SSI) scheme, will receive higher monthly payments next year.
According to the SSA’s fact sheet on the 2024 COLA, benefits for retired workers averaged $1,848 a month in 2023 – so a 3.2% increase in payments will see the average retiree receive $1,907 in 2024.
What will the top full-retirement-age payment be in 2024?
The agency has also revealed what next year’s maximum check will be for workers who retire at what is known as their ‘full retirement age’.
The highest possible monthly payment for an American who retires at this point will be $3,822, the SSA says.
What is meant by ‘full retirement age’?
Although workers can begin claiming retiree payments from the age of 62, the SSA basically recommends waiting until you have reached full retirement age, as you will get larger monthly checks.
Workers’ full retirement age varies. If you were born between 1943 and 1954, it’s 66. If you were born between 1955 and 1959, it rises gradually to 66 and 10 months, before hitting 67 for all those born in or after 1960.
You will only get 100% of the retirement benefits you are due if you retire at your full retirement age. You can also get extra monthly money by delaying your retirement until after then, up to the age of 70, though oif course working this long is not very high on people’s priorities.
