When the COLA is announced in October of each year, recipients of Supplemental Security Income and other United States Social Security checks can find out what the size of their check will be the following year. So knowing that in this year 2024 the COLA has reached 3.2% it is possible to know outright what the monthly SSI benefit check is.
This type of check is certainly very useful for all Americans who get it. At the end of the day, Supplemental Security Income is actually a benefit for the neediest Americans. Therefore, those who receive this benefit get some financial relief in the form of a monthly check.
And an increase in this check is certainly an added relief to the relief of getting Supplemental Security Income. Mind you, the increase in these benefit payments is only once a year, which means that in May we do not get another extra increase, but the same as in previous months. Still, it is true that in May we may collect two different SSI checks.
Supplemental Security Income increase in May 2024
In this year 2024 the maximum Supplemental Security Income check has been increased to $943. That’s 3.2% more than last year. So your May 2024 check will be higher than the May 2023 check. We won’t get a higher payment than in prior months’ SSI in 2024.
What we will get is an extra payment at the end of the month. This extra payment is for the month of June, although a large portion of Americans will be able to get it in the month of May 2024. If we activate Direct Deposit, the payment of this benefit will be in our current account on the 31st of May 2024, a little earlier than usual.
So we can say that in May we will get two payments from this check. On the one hand, on the 1st of May. On the other hand, on the 31st of the same month. This second check arrives earlier because June 1st is a weekend, so the Social Security Administration will send this payment earlier to avoid delays in receiving it.