By Arlenys Tabare
01 Aug 2024, 15:56 PM EDT
Every year the Social Security Administration (SSA) conducts a cost of living adjustment (COLA) which represents an increase in payments to retirees and beneficiaries of various social programs.
The 2024 COLA was set at 3.2%, increasing the average payment to retirees by $1,918.To establish this adjustment, the SSA takes into account the figures from the Consumer Price Index for Urban Wage Earners and Office Workers, or the CPI-W, for July, August and September and performs its calculation.
By 2025, Senior Citizens League estimates the COLA adjustment will be 2.63%, one of the lowest ever, But this is only an estimate, as it remains to be seen whether inflation will continue to slow down in the coming months or not.
On the other hand, not only retirees will be able to receive the increase in the COLA, this adjustment covers other programs such as, for example, Supplemental Nutrition Assistance Program (SNAP) currently distributes between $291 and $1,759 depending on the number of members in the household.
Now, when an increase is established in any of these benefits, spouses or minor dependents can also receive them, So far, it is estimated that the combined monthly increase could reach $74 dollars.
August Social Security payments
On the other hand, the SSA has already published the payment schedule for the month of August:
- Thursday, August 1: Payment to Supplemental Security Income (SSI) recipients.
- Friday, August 2: Payment to retirees before May 1997.
- Wednesday, August 14: payments to retirees after May 1997 born between the 1st and 10th of any month.
- Wednesday, August 21: payments to retirees after May 1997 born between the 11th and 20th of any month.
- Wednesday, August 28: payments to retirees after May 1997 born between the 21st and 31st of any month.
Keep reading:
- Social Security confirms payments for August 1: who and how much money
- Social Security: Disabled people will receive payments on August 1
- SNAP Coupons: COLA Increases Will Quickly Benefit Individuals