Government Announces a Fresh Increase in Today’s Payouts, Surprising Millions of Retirees!
The U.S. government is set to deliver increased Social Security payments in September 2024, thanks to a 3.2% Cost-of-Living Adjustment (COLA) applied earlier this year. This adjustment ensures that retirees and individuals receiving Social Security benefits will see a boost in their payments compared to the previous year.
Specifically, the September 18 payment is earmarked for retirees who were born between the 11th and 20th of any month and have been receiving retirement benefits since after May 1997. This group will receive their payments on that day, and the increase in the payment reflects the COLA adjustment, which helps offset the impact of inflation.
Retirees in other birthdate ranges will receive their payments on different dates, such as September 3, 11, or 25 . The maximum possible monthly payment for retirees at full retirement age in 2024 is $4,873, although the exact amount varies depending on factors such as years worked and earnings history. Those who retire early or at full retirement age will receive different amounts.