Citizens of the United States need to pay attention to the COLA to find out about the Supplemental Security Income increase in the coming year. Anything related to an increase in benefits is good news for Americans.
In the case of Supplemental Security Income, the percentage increase for 2024 will depend on the COLA increase. The increase will be exactly the same as for Social Security benefit checks. This means that if the Administration announces a 3% increase, SSI will go up 3%.
Currently, the maximum Supplemental Security Income check is $914. A 3% increase would bring the payment to $941. While this does not seem like a huge increase, it all adds up in the end.
It is still too early to determine what the COLA increase will be in 2024, but experts say it will be around 3%. While it is true that inflation has slowed, this does not indicate that it will continue to slow in the future.
But groups such as The Senior Citizens League, experts in the field, assure that it is possible that we will reach that percentage. We will still have to wait to see how much each Supplemental Security Income check will ultimately increase.
Remember that the Supplemental Security Income benefit arrives every month on the 1st of the month, with some exceptions. When the 1st of the month is a holiday or weekend, SSI arrives on the immediately preceding business day.
In addition to that, it is also good to keep in mind that it is not mandatory to have a Social Security check in order to apply for Supplemental Security Income. What is mandatory is to be 65 years of age or older or have a disability. It is also necessary to have a low income level.