From Time:

Social Security beneficiaries will see a significant cost-of-living increase this month, with an average $58 raise in their monthly checks. The first payments for 2024 are scheduled for Wednesday, January 3rd, with varying pay dates depending on the beneficiaries’ birthdays. Recipients of SSI have already received their first inflation-adjusted checks for 2024.

The 3.2% cost-of-living increase for 2024 is lower than last year’s record-breaking 8.7% but is still well above the average. With about 67 million people receiving Social Security and another 7 million receiving SSI, the average benefit is expected to increase to $1,770, a nearly $200 bump in the past two years.

The Social Security Administration calculates the annual cost-of-living adjustment every October based on the inflation rate from July to September. The 2024 COLA is based on this calculation and is expected to bring the average benefit to $1,770, contributing to rising expenses for millions of people.

For most Social Security beneficiaries, payment dates are determined by their birthday, with checks distributed on the second, third, or fourth Wednesday of the month. SSI beneficiaries will also see fluctuating payment schedules throughout the year due to this scheduling quirk, including two payments in May, August, and November, while not receiving any in January, June, and September.

To access the full calendar of 2024 Social Security payment dates, visit the SSA website for more detailed information about when to expect your social security income.



Read more: Social Security 2024: Payment Schedule for Checks With COLA