COLA Increase 2024 Medicare
June 25 Social Security Alert: This week, the Social Security Administration (SSA) is issuing its fourth and final batch of benefit payments in June, aimed at recipients born between the 21st and 31st of any month. If you were born between the 21st and 31st of the month, look for your payment today as a direct deposit into your bank account or for the remaining few thousand recipients, as a check delivered by mail.
This cycle is something to be focused on. The average retirement benefit has finally cleared the $2,000 threshold, reaching an average of $2,002.39. That jump is a 2.5% COLA (Cost‑of‑Living Adjustment) introduced this January, augmented by COLA created by the rising longevity and wage growth based animus among the newer retiree. Here’s a quick list by recipient type:
Keep in mind, benefits can be higher based on when you claimed and your earnings history: the max for someone retiring at 70 is $5,108/month .
Payments are distributed by birthdate (ranging from 21st–31st) for eligible individuals born after May 1997. Recipients aged 65 and older as well as recipients receiving SSI may be on different schedules.
For most recipients, the money will arrive through direct deposit early on the day it is scheduled. If you are receiving a paper check, expect several days’ further delay, based on USPS delivery times.
If you’re not seeing the funds already, SSA suggests:
1. Allowing at least 3 business days between the date of payment and contacting your bank or local office of the SSA.
2. Log in to your My Social Security portal to receive instant updates on the status of your payment.
If money isn’t showing up in your bank account today, SSA recommends giving three business days before calling your bank or the SSA.
Some social media posts have been misleadingly raising alarms about SSA mailing out unexpected $2,000 checks. Such assumptions would be incorrect. There is no independent stimulus or bonus being paid out today. What’s being claimed is just the base monthly Social Security benefit all that has gone up is cost-of-living adjustments (adjusted for inflation) not anything special or one-time.
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To give you a quick peek ahead:
SSI recipients will receive July benefits on July 1 (Tuesday).
Retirees who started receiving payments before May 1997 will get theirs on July 3 (Thursday).
Others will receive theirs based on their birth dates:
With June’s last wave of Social Security payments coming today, it’s a passing opportunity to avoid missing your payments by keeping up to date with your benefit schedule and confirming your contact and banking information with the SSA. Whether you’re a recent retiree, or have been a beneficiary for some time now, these payments are more than just figures. They represent a critical monthly lifeline for millions of Americans. If you’ve missed yours, don’t panic, wait a few business days, then reach out directly using Social Security’s secure online method to get the ball rolling. The best way to cut through the confusion on false rumors and make sure you know what you’re really getting is to stay informed.
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