Social Security Announces New Increases; States with Biggest Increases in september are Listed

Beneficiaries will see a modest increase this September 2024 because of the increased payments announced by the Social Security Administration in the past year.

This is part of COLA, or Cost-of-Living Adjustment, an annual adjustment targeted to help recipients in keeping up with inflation.

Social Security announces anew increases in September 2024, whereby benefits increase by 3.2% due to the Cost-of-Living adjustment.

It is very important, in this regard, that changes in these adjustments and their mechanisms be understood by retirees and other people whose livelihoods depend upon social security payments.

Social Security Announces New Increases in September:

Social Security recipients will need to meet new qualifying requirements every September 2024 in order to receive their updated benefits.

The COLA rise that went into effect earlier in January 2024 will result in an increase in beneficiaries’ payments compared to the previous year if they meet the eligibility requirements.

Thanks to this inflation-based adjustment, recipients can retain their purchasing power in view of growing living expenses.

Social Security Announces New Increases; States with Biggest Increases in september are Listed

Further updates of the new increase in social security for payments starting with the September month are shown on the SSA official website, where one should keep themselves updated.

Benefits paid to all beneficiaries increased by 3.2% with the Social Security COLA change that went into effect in January 2024.

This translates to a $3.20 increase on every $100 to all beneficiaries, on what they had the previous year.

September 2024 COLA Increase Announced:

Organization	Social Security Administration (SSA)
Benefit	COLA Increase
Country	USA
Increase	3.2%
Payment Date	September 2024 (varies by eligibility)
Beneficiaries	Retirees, Disabled individuals, SSI recipients
Category	Government Aid
Official Website	https://www.ssa.gov/

COLA Impact on Social Security Payments

It is, therefore, important that such payments at least cover basic expenses as inflation becomes very stubborn.
Because of this, the federal government provides a Cost of Living Adjustment to ensure that the purchasing power of the Social Security payments is not diminished by the rising cost of living due to inflation.
Sixty-eight million Americans get an SSI check every month, and most retirees-58%-report that Social Security is a major source of income in retirement.
With a few years of constant inflation now behind the nation, the Social Security Administration is seriously taking another hard look at what has been the current COLA.
Although the COLA is annually changed, sustained years of inflation tend to prompt higher changes.

Social Security Payment Schedule in September

Beneficiaries will need to give a close look at the payment schedule. This provides the indication of when they will likely receive the updated checks.
Payments for the month of September 2024 fall on different dates based on specific eligibility criteria.
Retirees whose effective date of benefit commencement was the month of May 1997 and beyond will be paid on September 3rd.
Eligible retirees who separated after May 1997 will be paid on either the 11th,18th or 25th of the month based on birth