By Marielis Acevedo
07 Oct 2023, 1:32 PM EDT
Beneficiaries of Social Security programs must have a personal account on that office’s website to receive electronic notifications about the COLA (Cost of Living Adjustment) increase in Social Security checks for 2024.
The process is carried out through the “my Social Security” tool, accessible through the Social Security Administration (SSA) website.
The process is quite simple and would take you just a few minutes to complete.
Any adult can complete the procedure, regardless of whether they are already receiving Social Security benefits or not.
The first step to open an account through the system is to provide an email and your preferred language, in addition to accepting the rules of use. Spanish is one of the available alternatives.
After providing this first information, the system will send a message to your email to confirm the address.
Subsequently, you must provide another form of identity authentication such as a phone number or a second email.
The platform will also ask you for more personal information such as your Social Security number, your full name as it appears on your Social Security card, and date of birth.
Once you complete the setup of your account, you will be able to examine your benefits, see estimates of upcoming payments and even request a new card in case you lose yours, among other procedures.
The SSA will announce the new COLA increase for next year on October 12.
Traditionally, Social Security begins sending notifications about the new COLA increase at the end of December through the tool’s “message center.”
Each year, the office announces the new COLA based on a comparison of inflation figures for the July to September quarter of the current year with the same period from the previous year.
The Seniors Citizen League’s most recent estimate points to a 3.2% increase that would translate into an additional $57.30 for a total of $1,790 in the average monthly benefit.
An increase in the cost of Medicare Part B would be reflected in the final income that millions of retirees would have during 2024.
Keep reading:
Social Security Checks: $57.30, the key figure for the new COLA increase for 2024
COLA increase in Social Security checks: how much more per month are beneficiaries expected to receive starting in 2024?
Medicare Part B premiums will increase a minimum of $10 in 2024; What impact will it have on the new COLA on Social Security checks?