The annual Cost of Living Adjustment (COLA), a critical factor for Social Security benefits and Supplemental Security Income (SSI) payments, is set to see a significant change in 2024. It’s projected that the COLA will increase by 3.2%, positively impacting over 71 million Americans. This adjustment is scheduled to take effect in January 2024 for Social Security beneficiaries, while those receiving SSI payments will experience the increase starting with the payment due on December 29, 2023.
To keep beneficiaries informed, notices detailing the COLA changes will be distributed throughout December. While the delivery of these notices is planned to be timely, the arrival times may vary among recipients. If a beneficiary does not receive their notice by January, they can alternatively check their new benefit amount for 2024 online through their personal Social Security account. This online service is expected to be available from early December.
For those who have set up a Social Security account by November 14, 2023, accessing COLA notices online via the Message Center will be an added convenience. Account holders will receive email or text notifications when their COLA notice is ready online, ensuring they stay informed about any changes. Beyond just COLA notices, a my Social Security account offers several benefits, including the ability to manage benefits and complete various Social Security-related tasks. This online tool is invaluable for beneficiaries to stay informed and efficiently manage their Social Security benefits.