Honolulu (KHON2) – In the upcoming year, Social Security recipients across the United States, including about 300,000 residents in Hawaii, are set to witness a significant increase. Anticipated to be around 3.2%, this increase represents the annual cost-of-living adjustment (COLA). On average, beneficiaries can expect an additional $50 per month, reflecting a rise in federal benefits aligning with the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers. Today, Martha and Elliott Khlopin, from Get2Insurance.com, joined us to talk all about it.
They shared that at the start of January 2024, Social Security beneficiaries will receive their first payment reflecting this increment. The rise in funds can help alleviate holiday debts, indulge in entertainment like streaming services, movies, or attending events such as basketball games, and even enjoy dining out.
To keep everyone informed, notifications regarding this increase are scheduled to be mailed out throughout December, although some recipients may receive notifications earlier than others. Those eager to check online can access their COLA notice via the my Social Security account starting in early December.
Crucially, recipients need not take any action to secure this increase. It will automatically be added to their payments in January. The increase applies to individuals receiving Social Security retirement, disability, or Supplemental Security Income.
This much-anticipated raise brings relief and support to millions of individuals, making a meaningful impact on their everyday lives.