Social Security Administration Announcement: Cost Of Living Adjustment (COLA) Payments Will Be Distributed Based On Recipients’ Birthdates

A $58 increase is seen in this year’s cost of living adjustment (COLA) payments.

The amount of the cost of living adjustment (COLA) checks recipients may receive will still depend on factors such as contribution to Social Security. (Photo: plansponsor)

Distribution Of Cost Of Living Adjustment (COLA) Payments

The Social Security Administration will distribute the cost of living adjustment (COLA) payments on different dates based on recipients’ birthdates. Those born between the 1st and 10th will receive their cost of living adjustment (COLA) checks on Valentine’s Day, February 14th.

Those born between the 11th and 20th can expect their cost of living adjustment (COLA) payments on February 21st, and those born after the 21st will receive their cost of living adjustment (COLA) money on February 28th.

According to a published article by The US Sun, the maximum amount for cost of living adjustment (COLA) payments this year is $4,873, and the average monthly payment to retirees is $1,907. This year’s cost of living adjustment (COLA) payments show an average increase of $58 compared to the amount paid in 2023.

Boosted Payments For Seniors

In a published article by Newsweek, seniors will receive increased Social Security payments in less than two weeks. The payments will be boosted by a 3.2 percent cost of living adjustment (COLA) for 2024.

The highest payment for top earners who retire at 70 will be $4,873 on January 10. However, the actual date recipients receive their benefits depends on their birthday.

The exact amount individuals receive also depends on factors such as their retirement age and the amount they contributed to Social Security.

READ ALSO: Drug Manufacturing Equipment Was Recently Found In Haledon Avenue Through A Tip From A Concerned Citizen