On October 12, 2023, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 3.2 percent cost-of-living adjustment (COLA) for 2024. This adjustment will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Additionally, increased payments to more than 7.5 million Supplemental Security Income (SSI) beneficiaries will begin on December 29, 2023.1
A More Modest Increase
This year's COLA increase represents an increase of $59 a month on average for recipients, a more modest increase than the $140 increase of the prior year. 1
How You Will Be Notified
According to the Social Security Administration, Social Security and SSI beneficiaries are usually notified about their new benefit amount by mail starting in early December. However, if you’ve set up your SSA online account, you will also be able to view your COLA notice online through your “My Social Security” account.1
If this increase surprises or concerns you, it's always a good idea to seek guidance from your financial professional about changes to any of your sources of retirement income.
For more information, please contact Stephen Blahovec and Michael Rausch of North River Wealth Advisors. We are an independent, fee-only financial planning and investment management firm located in Pittsburgh, PA servicing clients locally and across the country. To learn more, contact us here.
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