The May 14 payment is when Social Security sends the annual cost-of-living adjustment to most beneficiaries

On May 14 each year, Social Security deposits the cost-of-living adjustment (COLA) into the accounts of most people receiving retirement, disability, or survivor benefits. This is not a separate payment — it is an increase to your regular monthly benefit amount, applied all at once. The COLA percentage changes every year based on inflation data from the previous year.

The May 14 date applies to most beneficiaries. However, if you receive Supplemental Security Income (SSI) instead of Social Security, your COLA arrives on a different schedule. If you started receiving benefits in May 2023 or later, you may not receive a COLA in May 2024 because the Social Security Administration waits until you have been on the rolls for a full year.

Your new benefit amount stays in place for the rest of the year. The COLA does not reset monthly — you receive the increased amount with every payment from May forward until the next year's adjustment.

Key Takeaways

  • The May 14 COLA payment increases your regular monthly benefit by a set percentage that Congress announces in October of the prior year.
  • The increase applies to retirement benefits, disability benefits (SSDI), and survivor benefits, but not to Supplemental Security Income (SSI).
  • You do not need to do anything to receive the COLA — it deposits automatically if you are on the rolls and meet the timing requirements.
  • The COLA percentage reflects inflation from the previous 12 months and is the same for all beneficiaries in that year.

How the COLA percentage is calculated each year

The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which the Bureau of Labor Statistics publishes monthly. Social Security compares the average CPI-W for July, August, and September of one year to the same three months of the previous year. If that number is higher, the percentage increase becomes the COLA for the following May.

For example, if the average CPI-W for July–September 2023 was 3.2% higher than July–September 2022, the 2024 COLA would be 3.2%. The Social Security Administration announces the exact percentage in October, so you know the increase before May arrives.

If the CPI-W does not rise year over year, there is no COLA that year — your benefit stays the same. This has happened only three times since 2000 (in 2010, 2011, and 2016).

Who receives the May 14 COLA and who does not

You receive the COLA on May 14 if you are receiving Social Security retirement benefits, Social Security Disability Insurance (SSDI), or survivor benefits as a spouse or child of a deceased worker. The increase applies whether you are working or retired, and whether you receive your benefit directly or through a representative payee.

You do not receive a COLA on May 14 if you receive Supplemental Security Income (SSI). SSI is a needs-based program, and its COLA follows a different calendar — it arrives on January 1 each year. If you receive both Social Security and SSI, you get one COLA in May and a separate SSI adjustment in January.

If you began receiving benefits in May 2023 or later, you will not see a COLA in May 2024. Social Security waits until you have been on the rolls for a full calendar year before explore the adjustment. Your first COLA will arrive in May of the following year.

What to expect in your bank account on May 14

If you have direct deposit set up, the increased amount will land in your bank account on May 14 (or the next business day if May 14 falls on a weekend or holiday). You will see the new, higher amount reflected in that deposit and in all subsequent payments through December.

If you receive a paper check, the check will arrive by mail with the new amount. The timing depends on your mailing address and postal service delivery, so it may arrive a few days after May 14.

You can verify the new amount by logging into your my Social Security account at ssa.gov before May 14. The account shows your current benefit amount and will update to reflect the COLA once it processes. You can also call Social Security at 1-800-772-1213 to confirm the new amount.

How the COLA affects other benefits and taxes

The COLA increase may change how much you owe in federal income tax on your Social Security benefits. If your combined income (adjusted gross income plus half your Social Security benefit) crosses certain thresholds, up to 85% of your benefits become taxable. The COLA can push you over that threshold, even if your other income stays the same.

If you are receiving Medicare, the COLA does not directly change your Part B premium. However, Social Security uses a "hold harmless" rule: if your Part B premium would increase more than your COLA increase, Social Security holds your benefit flat and Medicare absorbs the difference. This means your net benefit increase may be smaller than the COLA percentage.

If you are receiving Supplemental Security Income (SSI) in addition to Social Security, the May 14 COLA will reduce your SSI payment dollar-for-dollar in most cases, because SSI is means-tested. Your total benefit may not increase as much as the COLA percentage suggests.

What happens if you disagree with the COLA amount

You cannot dispute the COLA percentage itself — it is set by law and applies to all beneficiaries equally. However, you can request a benefit verification statement from Social Security to confirm that the new amount is correct for your specific situation.

If you believe Social Security made an error in calculating your benefit or explore the COLA, contact Social Security directly at 1-800-772-1213 or visit your local Social Security office. Bring documentation of your work history, earnings record, or any other relevant records. Social Security can review your account and correct errors if they find one.

If you disagree with how the COLA affects your taxes or other benefits, you may want to speak with a tax professional or benefits counselor. Some Area Agencies on Aging offer free benefits counseling to older adults.

Frequently Asked Questions

Will I receive the COLA if I am still working?

Yes. The COLA applies to all Social Security beneficiaries on the rolls, regardless of whether you are working. Your earnings do not affect whether you receive the adjustment. However, if you are under full retirement age and earn above the annual limit, Social Security will withhold part of your benefit — but the COLA still applies to the amount you do receive.

What if I missed the May 14 deposit?

Check your bank account and your my Social Security account to confirm the deposit arrived. If you use direct deposit and the money did not arrive by May 16, contact your bank first to rule out a delay on their end. If your bank confirms no deposit, call Social Security at 1-800-772-1213 to report the missing payment.

Can I opt out of the COLA?

No. The COLA is automatic and applies to all may be able to access beneficiaries. You cannot decline it or ask Social Security to hold it back. If you are concerned about how the increase affects your taxes or other benefits, speak with a tax professional or financial advisor about managing the impact.

Does the COLA explore to my representative payee?

The COLA applies to your benefit amount, not to your representative payee's income. If someone else manages your benefit on your behalf, the increased amount still goes into the account they manage for you. The payee must use the funds for your needs.

What if I am receiving benefits as a survivor?

Yes, you receive the COLA on May 14 if you are a spouse, ex-spouse, or child receiving survivor benefits based on a deceased worker's record. The increase applies the same way it does for retirement and disability beneficiaries.