Social Security Increases Coming in September: Which States Benefit the Most?

In an effort to assist retirees, those with disabilities, and other recipients in keeping up with growing expenses, the Social Security Administration has announced a benefit increase that will take effect in September.

With the cost of necessities rising due to inflation, this increase will give beneficiaries much-needed financial respite and enable them to spend their money more wisely.

Announced: September 2024 COLA Increase

Social Security benefits will receive a much-needed increase starting in September when compared to prior years. You will notice that your upcoming payments will be a little bit more if you were receiving a particular amount last year.

The purpose of this increase is to provide beneficiaries with a little additional financial cushion, lessen the burden of growing living expenses, and make sure your benefits stretch a little farther.

In 2024, Social Security payment increases are dependent upon the COLA, or cost of living adjustment.

By making sure that payments are in line with current living expenses, this adjustment provides U.S. citizens with an extra financial cushion every year.

Social Security benefits are projected to increase by 3.2% in 2024. As a result, everyone’s check will increase, however how much will depend on what they got the previous year.

In essence, beneficiaries will receive an additional $3.20 for each $100 already collected, which will aid in keeping up with growing costs and inflation.

Read Also: $2,000 Fourth Stimulus Check: Who Qualifies and When You’ll Get Paid

September Social Security Payment Schedule

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