Los Angeles, CA – Americans receiving Social Security benefits will see a change in their payments this June. The US Social Security Administration has announced adjustments to payments for retirees and disability beneficiaries, reflecting the Cost of Living Adjustment (COLA) increase implemented in January. This change is anticipated by many as a measure to maintain the purchasing power of benefits despite inflation.
The COLA-adjusted payments will be distributed on three different dates in June, depending on the beneficiary’s birthday. The dates are June 12 for those with birthdays between the 1st and 10th of the month, June 19 for birthdays between the 11th and 20th, and June 26 for birthdays between the 21st and 31st. Beneficiaries can find the full payment schedule on the official SSA website.
The increase in payments is a result of the annual COLA adjustment, which aims to offset the effects of inflation on Social Security benefits. The COLA for 2024 was set at 3.2%, following a significant 8.7% increase in 2023, the largest in four decades.
As a result of the COLA increase, beneficiaries will receive a higher monthly payment starting in June. The exact amount of the increase will vary based on the individual’s current benefit amount. The SSA offers a Benefit Estimator tool for beneficiaries to estimate the upcoming changes in their payments.
For those who are not already receiving Social Security benefits but believe they are eligible, applications can be submitted online, by phone, or in-person at local SSA offices. Age, work history, and disability status are among the minimum requirements for applying for benefits, with different criteria for various types of benefits.
In conclusion, the upcoming changes in Social Security payments for Americans reflect the annual COLA adjustments aimed at keeping the purchasing power of benefits consistent with inflation. Beneficiaries can expect to see increased monthly payments based on the 2024 COLA increase. For those considering applying for Social Security benefits, meeting minimum requirements related to age, work history, and disability is crucial for eligibility.