Chicago, IL – Retirees who received a cost-of-living adjustment (COLA) letter from the Social Security Administration in 2023 may need to refer to it as they navigate their financial matters in the year 2024. The letter, which specifies the new benefit amount for the upcoming year, can also be utilized as proof when appealing any discrepancies in the COLA payments received. It is essential for recipients to keep this letter in a safe place, as it could potentially be required for various purposes such as loan applications and energy assistance requests.
For those who did not receive their COLA letter in the mail, the Social Security Administration advises reaching out to them as soon as possible. The agency is able to help track down the letter or issue a replacement if it has been misplaced.
Recipients who had an online My Social Security account set up before November 15, 2023, may be able to access their 2024 benefit amount in the Messages Center. If not, they will have to wait for a new letter to arrive after they request it.
It is important for retirees to stay informed about how the COLA increase may impact their taxes for the year. Additionally, those expecting a tax refund can find valuable information on how to expedite the process.
In light of these developments, it is crucial for retirees to uphold the necessary documentation and be proactive in staying updated on their benefits to ensure financial stability and security in the year ahead.