Regardless of where we live in theUnited States, the increase in Social Security and Supplemental Security Income payments will take effect beginning with the first check in 2024. Each new Social Security payment will mean a larger payment, as it will have an increase through the COLA.
Although we do not yet know the exact number that will cause payments to increase in 2024, there is currently talk about possible increases in Supplemental Security Income for next year. These speculations are usually very close to what the annual increase will ultimately be.
Thanks to this we will be able to know the exact amount that each of the checks will increase starting in January. So it will be possible to know what the maximum amount of Supplemental Security Income will be next year, as well as the same for disability benefits or Social Security retirement.
We have to watch out thinking that this will cause us to get a huge increase in each of the checks. Each check will increase differently. Whatever is the top Supplemental Security Income check right now will still be the top check in 2024, but a little higher. But the smaller checks will have a smaller increase.
SUPPLEMENTAL SECURITY INCOME MAXIMUM CHECK IN 2024
Each of the new Supplemental Security Income checks in 2024 will have a corresponding increase. If we go by expert forecasts, each of the Social Security benefits will increase by about 3%.
If this is finally the case and the 2024 COLA is 3%, the maximum SSI checks will go to $941, roughly speaking. The payment would increase by about $27, which while it doesn’t sound like much, it would be very helpful to American families.
Also, all other Social Security payments would increase a bit because of the COLA. As for the maximum age retirement check of $4,555 per month, it would go up to $4,691 per month.
We still have to wait a bit to know the exact amount, but it is quite possible that the COLA increase will be 3% for Supplemental Security Income and all other benefits issued by the Social Security Administration.
The COLA will finally be announced in mid-October. Therefore, we don’t have to wait that long to be able to know the benefit increase in 2024. In just a few weeks we will be able to know the exact figure and, therefore, make calculations on how much our benefit will increase in the coming year.