Pinterest

Social Security Benefits: Understanding Monthly Payments and COLA Adjustments

Monthly Payment Schedule

Social Security disability benefits are typically paid on the second, third, and fourth Wednesday of each month. This schedule is based on the Social Security number's last digit.

Cost-of-Living Adjustments (COLA)

In 2023, Social Security benefits received a substantial 8.7% adjustment due to the increased cost of living. This resulted in an average monthly benefit of $1,827, up from the previous year.

Supplemental Security Income (SSI) Payment Standards

SSI payment amounts are indexed to the cost of living and increase accordingly. In 1975, the SSI program was established, and payment standards have been periodically updated since then.

Bend Points in the PIA Formula (2024)

For workers becoming eligible for Social Security in 2024, specific "bend points" apply when calculating their Primary Insurance Amount (PIA). These bend points are $1,174 and $7,078 for 2024.

1