Supplemental Security Income is one of the benefits that helps United States citizens the most. This Social Security benefit is designed for the neediest citizens. For that reason, getting one of the monthly SSI checks is a great financial relief.
Still, there are many families who are waiting to find out when they will see the Supplemental Security Income increase so they can have some extra money. This annual increase can be a real relief considering inflation and all the increase in prices over the past few years.
Every time inflation hits Americans’ pocketbooks, Social Security‘s cash aid goes up a bit to balance the scales. While it’s true that this doesn’t mean the checks will match 100% of the inflation increase, at least an increase is an increase and is always welcome.
It is still too early to determine at what point we will get the raise, but what is certain is that we will get one. And this increase will not only affect Supplemental Security Income checks, but other Social Security benefits. Are you looking forward to the increase in the Administration’s COLA?
WHEN WILL SUPPLEMENTAL SECURITY INCOME INCREASE?
The Social Security Administration makes an annual increase in benefits. Both Supplemental Security Income and Social Security benefits in general increase so that all recipients enjoy this increase.
This increase is known as the Cost Of Living Adjustment, or COLA. And it is not a fixed increase, but is a percentage each year. This means that each benefit increases by a different number of dollars. But the idea behind this is to combat inflation, so they balance the increases with the COLA.
Starting with the first of the 2024 payments the Social Security Administration will add the new COLA to the Supplemental Security Income. However, we still don’t know what the exact COLA figure is. Experts are talking about 3%, but we won’t know exactly what the increase will be until the middle of next month.
What we do know is that the first of the 2024 Supplemental Security Income payments will arrive in 2023 for many citizens. In order to get the payment in advance, we have to activate Direct Deposit. With this active collection method we will get the money on December 29, 2023.
This is because January 1st, which is SSI payment day, is a holiday. For that reason, the Administration will send the payment of this benefit earlier. Therefore, it is curious to see that the first of the 2024 payments will actually arrive in 2023.