With inflation weighing heavily on the shoulders of millions, beneficiaries at the Social Security Administration (SSA) have been blessed with a $600 increase as Cost-of-Living Adjustment (COLA) measure. It is aimed at easing the burden on retired workers, disabled individuals, and other beneficiaries dependent on Social Security payments. The SSA also recently reported that it received record-breaking calls on a single day- 463,000 calls. The SSA is clearly responding to the demand for more clarity and support.
What is the $600 COLA Raise?
This is a periodic adjustment of Social Security benefits, designed to keep such benefits in line with inflation. Beneficiaries will receive this year $600 added to their annual benefits as a COLA raise for 2024. Based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), the adjustment measures inflation occurring within a given time frame, intended to allow recipients to purchase the same amount of goods and services with their benefits as before.
Who is Eligible for the $600 COLA Increase?
The COLA increase applies to all recipients of Social Security, including:
Retired Workers: Individuals who have reached retirement age and currently benefit from Social Security payment.
Disabled Individuals: Individuals already receiving payments as per the Social Security Disability Insurance (SSDI) program.
Survivors and Dependents: Members of the families of deceased workers or dependents of eligible beneficiaries.
Supplemental Security Income Recipients: People receiving SSI benefits for financial support due to disability or limited income and resources.
How to Access the COLA Raise
Starting January 2024, the COLA hike of $600 will automatically apply to monthly benefit payments. No application or action is required to qualify for the increase. Here are a few ways to keep yourself informed about these updates.
- Log into your mySocialSecurity account and check if your benefit details have been updated.
- Mainly, the SSA schedules deposit of payment according to your birthday or other criteria. Check the schedule for your adjusted deposit.
- For any clarifications on eligibility or the update on the payment, contact SSA directly through their helpline or online portal.
SSA’s Record-Breaking Call Volume
One day alone saw the SSA handle 463,000 calls-in a record; such figures highlight the rising demand for assistance. Most beneficiaries have been calling while others seek clarification on COLA adjustments, eligibility, and other Social Security matters. To minimize long wait times on the call:
- Use SSA’s online services as much as possible to avoid waiting in long lines on call.
- For faster assistance, schedule call sessions during off-peak hours.
Why the COLA Raise Matters
It is apparent that the $600 increase in COLA saves millions of Americans:
- Rental or mortgage payment
- Utility bill payment
- Grocery shopping
- Health care expenses
That modification will mean Social Security payments will be less supportive for residents’ most vulnerable populations as inflation continues to eat away at household budgets.
