As we approach the new year, important news has arrived for retirees across the nation. The Social Security Administration recently announced a 3.2 percent increase in Social Security and Supplemental Security Income (SSI) benefits for 2024. This welcome news means that more than 71 million Americans will see a boost in their financial support, with Social Security retirement benefits increasing by an average of over $50 per month starting in January. While this is certainly good news for retirees, it’s essential to understand how these adjustments may impact your financial planning, estate planning, and elder law considerations.
Understanding the Social Security Benefits Increase
The 3.2 percent cost-of-living adjustment (COLA) will take effect in January 2024 for more than 66 million Social Security beneficiaries. Additionally, approximately 7.5 million people receiving SSI benefits will experience an increase in their payments starting on December 29, 2023. It’s worth noting that some individuals receive both Social Security and SSI benefits, making this increase particularly significant for them.
How the Social Security Benefits Increase May Impact on Your Finances
The boost in Social Security and SSI benefits can directly impact your financial stability during retirement. The average increase of over $50 per month may help retirees better manage their day-to-day expenses, healthcare costs, and other financial obligations. This additional income can be a valuable resource for seniors with a fixed income.
Elder Law and Medicare
Elder law is a crucial aspect of retirement planning and often intersects with Medicare. Information about Medicare changes for 2024 will be available at www.medicare.gov. If you are a Social Security beneficiary enrolled in Medicare, your new 2024 benefit amount will be accessible in December through the mailed COLA notice and my Social Security’s Message Center. It’s essential to stay informed about these changes, as they may impact your healthcare coverage and expenses.
Accessing Your Social Security Benefit Information
Social Security begins notifying individuals about their new benefit amount by mail starting in early December. However, consider setting up a Social Security account for a more convenient and faster way to access this information. With this secure online account, you can view your COLA notice, track your benefits, and receive alerts when there is important information waiting for you.
Act Now
To view your COLA notice online, make sure you have a mySocialSecurity account. You can start by visiting www.ssa.gov/myaccount and following the easy steps to create your account. Quick access to your benefit information can help you plan effectively for the upcoming year.
The 3.2 percent increase in Social Security and SSI benefits for 2024 brings welcome financial relief for retirees. As you prepare for the new year, take the time to review your financial strategy and ensure that it aligns with your changing circumstances. Additionally, stay informed about Medicare changes and make use of online resources to access your benefits information efficiently. By taking proactive steps, you can navigate these adjustments effectively and enjoy a more secure and comfortable retirement.