Today, MILLIONS of eligible Americans get their Social Security benefit each month.

Good news for the millions of Americans who depend on Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), and Social Security! They are receiving additional assistance to ensure they can continue to afford the necessities.

The October announcement of the 2024 COLA of 3.2 percent indicates that retirees will receive an average monthly rise of $58 the following month. The maximum payment for Social Security claimants is $4,555, but the average check they receive is $1,827, with this year’s COLA being substantially higher at 8.7 percent.

READ ALSO: 2023 Social Security Payments: See How Much Increase In Benefits After 2024 COLA!

Costs increased significantly

This increase in payments is because prices have increased overall this year. Costs increased significantly, making it difficult for consumers to purchase necessities. Thus, the policymakers chose to raise the confirmed amount to recipients of Social Security, SSDI, and SSI.

Social Security COLA Increase

Increase for retirees

For retirees, this increase starts in January; for those on Supplemental Security Income (SSI), it begins on December 30. It is a small gift to assist you over the holidays and this increased year. The gain from the previous year was 5.9 percent, the most in a very long time. This new one is an additional means of ensuring that everyone can keep up with daily living and handle the escalating expenses of goods.

READ ALSO: 2024 Social Security COLA To Increase By 3.2% For Retirees, SSI Recipients Next Year!