In the United States, the Social Security Administration tries to adjust payments so that inflation does not reduce SSI beneficiaries’ buying power. So, as inflation goes up, benefits increase. If this was not like that, Supplemental Security Income beneficiaries could pay for fewer things every month.
Not only will SSI beneficiaries receive the 2024 COLA increase, but also those on retirement and disability benefits like SSDI. The thing is Supplemental Security Income will receive it first.
While the rest of Social Security beneficiaries will get it on January 3, 10, 17, or 24, they will cash the COLA increase before 2023 is over. What is more, this will not be the only payment for SSI recipients in December.
When will SSI recipients receive the COLA increase?
According to the Social Security Administration payment schedule, Supplemental Security Income beneficiaries will cash their new COLA boost on December 29. This will be the second COLA they receive in 2023.
Bear in mind that those on SSI are receiving the 8.7% boost in 2023 and the payment on December 29 is for January 2024, so it includes the 2024 COLA boost. The reason why Social Security sends the January payment in December is simple.
New Year was supposed to be the payday for Supplemental Security Income, but it is a holiday. The Social Security Administration always sends payments on business days. By doing so, SSI beneficiaries can receive their money without delays.
Otherwise, some banks may not be able to process payments because it is a holiday. Therefore, people on a low income and on a tight budget would probably run out of money. Avoiding food insecurity and lack of money is essential.
How much can I get from the 2024 COLA if I receive SSI?
The amount of money you can receive from the COLA increase for 2024 will depend on your Supplemental Security Income check amount. So, if you cash $914 in 2023, which is the maximum amount this year, you will collect $943 on December 29.
That means that a beneficiary receiving the largest SSI check will only receive 29 dollars extra per month. If you are receiving an average payment worth $676, you may just get about 21 dollars more per month.
Eligible married couples may cash up to $1,371 in 2023 and $1,415 in 2024. Therefore, if they qualify for the maximum amount for SSI will get 46 dollars extra per month.
Despite the fact that this increase may not seem much, it is a higher COLA than in many previous years. Remember that 2023 was the highest COLA in 40 years, so it will be hard to beat that figure. What is more, if you are on SSDI or retirement benefits, you can receive another 3.2% increase on that payment.