The Social Security Administration (SSA) has announced a 3.2% Cost-of-Living Adjustment (COLA) for 2024, impacting Supplemental Security Income (SSI) recipients. This increase will help low-income individuals, including those over 65, blind, or disabled, manage rising living costs.
What to Expect with the 2024 COLA Increase
Beginning in December 2023, SSI recipients will notice a slight rise in their payments. Due to the New Year holiday, payments will be distributed earlier than usual, at the end of December.
Here’s a breakdown of the expected changes:
| Category | 2023 Payment (Approx.) | 2024 Payment (Approx.) | Monthly Increase |
|---|---|---|---|
| Average SSI Payment | $698 | $720 | $22 |
| Individuals | $914 | $943 | $29 |
| Couples | $1,371 | $1,415 | $44 |
| Essential Person | $458 | $472 | $14 |
How is COLA Calculated?
The COLA is determined by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The SSA compares the third quarter of the current year with the same period from the last year a COLA was in effect. If there’s an increase, it’s applied to benefits.
For a more detailed explanation of COLA and its impact, visit the official SSA page here.
Key Dates for SSI Payments
The increased SSI checks will be disbursed starting at the end of December 2023, ahead of the usual January payments due to the holiday schedule.
Read More News:
- SSDI Recipients to Receive Four Payments in October 2024: Key Details and Application Process
- Social Security Payments: October 2024 Schedule and What to Expect
Conclusion
While the 3.2% SSI COLA for 2024 is a modest increase, it will provide some relief to beneficiaries. It’s essential for those relying on SSI to stay informed and adjust their financial plans accordingly for the upcoming year.