Each new year the Social Security Administration and the United States Government increase Supplemental Security Income and pensioner benefits. This increase in the checks ensures that retirees do not lose purchasing power.
The increase in Social Security checks is made through the Cost of Living Adjustment or COLA. Thanks to the COLA, benefit recipients are able to keep a lid on inflation and price increases.
As for the increase in Supplemental Security Income, the idea behind it is exactly the same. Citizens who collect SSI are the most needy, which is why it is important for COLA to increase the checks.
However, many Americans wonder if it is possible to get an increase in both benefits. And the short answer is yes, it is possible. While the long answer is yes, it is possible, but we must monitor all income very closely, as we could lose some of it, as counterintuitive as that sounds.
Supplemental Security Income checks are dependent on monthly income, so increasing income can cause us to lose it. So we need to make sure we can get check after the 2024 COLA increase.
2024 TAIL FOR SOCIAL SECURITY AND SUPPLEMENTAL SECURITY INCOME
It is still too early to determine what the exact COLA increase figure will be for Supplemental Security Income and Social Security. We will know for sure as of October 16, but for now we must wait.
In the case of collecting both benefits, it is true that we could have problems with the COLA increase. We should keep in mind that SSI checks are dependent on monthly income. And by getting a Social Security increase we could find ourselves going over the established threshold.
In that case, we would stop receiving Supplemental Security Income, which would mean that we would end up getting less money each month. Ultimately, we can get an increase in both Social Security and SSI, but this could be negative if we go over the threshold.
NEXT SSI PAYMENT
In the month of September we have two SSI payments, so before the month is over we will get another SSI check. To be more precise, the day the Administration will send the money will be September 29th.
Although this payment will arrive in the account of many Americans in September, the payment actually belongs to the month of October. For the time being, the COLA increase will not be effective on the next check, as we will have to wait until the first check of 2024 for it to become effective.
And remember to activate Direct Deposit to cash the check on the same day it is mailed. Otherwise, the Supplemental Security Income may arrive later than normal, around October 4 or 5.