Ask Terry Questions Social Security benefits increase

Social Security benefits increase

By Terry Savage on April 29, 2024 | Wild Card

Hi Terry, I’m 68 (1/21/1956) and I applied 3/15/24 for social security benefits. In Jan of ’24 my benefits were shown as $3020. And $3020 is what my monthly benefits are. My benefits approximately go up $20 per month. Shouldn’t I be receiving $3060 which would account for a $20 increase in Feb and a $20 increase in March totaling $3060 as my true monthly benefit? I’m still working and contributing. All the best Terry and God bless for what you do!

Terry Says

Every year your benefit will be adjusted for two things — First, there is the annual cost of living adjustment.  Second, they review your income in the previous year and determine whether it will increase your benefit for the following year.  And if that increase doesn’t hit in January, they will pay those extra benefits retroactive to January of that year.

There is no automatic $20/month increase.



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