Social Security’s cost of living adjustment (COLA) for 2024 was 3.2%, effective January 2024 for most beneficiaries throughout the United States. This means that Social Security benefits increased by 3.2% compared to 2023, in order to cope with inflation.
The average Social Security Retirement benefit increase was about $59 per month. The maximum monthly Supplemental Security Income (SSI) benefit for individuals increased to $943, while for couples it reached $1,415. Additionally, the maximum monthly Social Security Disability Insurance (SSDI) benefit increased to $3,822.
Projections for the Social Security COLA in 2025
The most recent and preliminary estimates (let’s emphasize that, they are preliminary, and not definitive, because more data is still needed) from groups like The Senior Citizens League suggest that the COLA for 2025 could be around 3.1%.
However, as we just said, the official figure will not be announced until October 2024, based on the consumer price index (abbreviated as CPI-W) data for the third quarter of 2024. The Consumer Price Index for Urban and Clerical Workers, also known as the Urban Consumer Price Index or Urban CPI, is a statistical measure developed by the United States Bureau of Labor Statistics (BLS).
This index is used to measure the average change in the prices paid by urban consumers for a fixed basket of goods and services. For the COLA increment, the CPI of the third quarter of a year is compared with the same quarter of the previous year, and if an increase is noticed, that will translate into a percentage increase for Social Security benefits. If the percentage is equal to or less than zero, there will be no increase and the checks will remain in the same amounts for another year.
Upcoming Social Security payment dates in July 2024
In July 2024, Social Security payments will be made according to the schedule pre-established by the Social Security Administration, and will be given on the following dates (no change this month, because there are no holidays or payments that fall on weekends ):
- Monday, July 1, 2024:
- This day the Supplemental Security Income (SSI) payment is made for all beneficiaries of this program.
- Wednesday, July 10, 2024:
- On this date, Social Security benefits will be paid to those beneficiaries whose birthday falls between the 1st and 10th of any month.
- Wednesday, July 17, 2024:
- This day, beneficiaries who were born between the 11th and 20th of any month will receive their Social Security benefits.
- Wednesday, July 24, 2024:
- Beneficiaries who have birthdays between the 21st and 31st of any month will receive their Social Security payments on this date.
- Wednesday, July 31, 2024:
- Beneficiaries who met specific requirements to receive combined payments (both SSI and Social Security before May 1997) will receive their Social Security payments on this additional date.