Connect with us

Hi, what are you looking for?


Social Security COLA Update 2023: Benefits Increase in 2024 Announced

COLA Increase 2024
the 2024 Cost of Living Adjustment (COLA) was revealed as 3.2% (Photo: Marca)
Cola update

The 2023 COLA is noted for its significant 8.7% rise (Photo: AARP)

Social Security December Payouts

According to the most recent news about Social Security, millions of qualified Americans will get their December checks this week. The dates they arrive will depend on their birthdate. People born before December 10 have already gotten checks for up to $4,555. People born between December 11 and 20 will get their payments on December 20. People born after December 21 will get their money on December 27. The 2024 Cost of Living Adjustment (COLA) was also announced to be 3.2%, which means that retirees will see an average monthly raise of $58 next month.

The 2023 COLA is known for its big 8.7% increase, which will affect people who get Social Security. The average monthly payment is $1,827, and the most they can get is $4,555. This raise is meant to help retirees across the country deal with rising costs of living and improve their financial situation.

For non-citizens who want to get benefits, this year’s COLA also makes things harder because they need a Social Security number (SSN). However, non-citizens who are allowed to work in the U.S. can get an SSN and get benefits. Immigrants from countries with totalization deals can also get benefits based on their time in the country.

READ ALSO: Do You Need $500 In Passive Income? Invest In These 2 High-Dividend Stocks

Also, divorced people may not be able to get partner benefits depending on how long they were married and what happened with their ex-spouse. It’s also brought up that President Joe Biden wants a $15-an-hour minimum wage and that it’s been a long time since the last government minimum wage increase in 2009.

This thorough update has important new information for people who get Social Security, are not citizens but want to get benefits, and are affected by changes to the government minimum wage. It also speaks to the need for more financial stability and security, which is in line with current national policy discussions and suggestions.

READ ALSO: November 2023 Stimulus Checks: Who Gets Extra Money?

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *