The Social Security Administration sends a large number of different checks to United States citizens every month. In addition to the retirement and disability benefit checks, Supplemental Security Income payments go to a group of Americans. This benefit is not for all citizens, but only for a group of them.
Only the neediest Americans can apply for Supplemental Security Income. And it is because of that requirement that recipients of this benefit have a vested interest in knowing whether the check will increase in the coming year. The increase in Social Security payments is made through the COLA and yes, Supplemental Security Income will also have that increase, as it does every year.
In this year 2023 we have seen a record 8.7% increase, but that does not mean that the following year we will have that amount. Moreover, it will likely not even be half of what we have seen in the current year. This would imply that Supplemental Security Income would have an increase, but it would not be too large. Still, any kind of increase is always welcome.
How is the Supplemental Security Income COLA calculated?
In order to determine the Supplemental Security Income increase using the COLA, there are several things to consider. Among those things, the most important and most noteworthy is inflation in the months of July, August and September. The Social Security Administration and the United States Federal Government calculate the COLA based on inflation in those months.
So the more inflation there is in those days the higher the COLA for the year. While it is still early to determine what the Supplemental Security Income increase figure will be in 2024, experts such as The Senior Citizens League have announced that it is likely to be 3%. This will not be a huge increase, but it may be a relief for many households.
Eligibility for SSI
If we want to apply for Supplemental Security Income we have to meet two fundamental requirements. If we do not meet these requirements it will be impossible to collect this Social Security benefit. One of the requirements is related to the status of the person and the other is related to the economy of the citizen.
These are the two requirements we have to meet to apply for monthly SSI:
- To have a disability or over 65 years of age.
- Have a low monthly income, in addition to low economic resources.
In the first requirement, it does not matter which of them we meet. In other words, both citizens 65 years of age or older and United States citizens with a disability can apply for Supplemental Security Income. However, in the other requirement it is mandatory to fulfill both parts.
Even so, if we have doubts and we want to solve our questions we can use The Best Tool. Through this free application we can find out in a matter of minutes if we have access to Supplemental Security Income or not. Once we know, we will only have to apply for it to Social Security and start receiving it every 1st of the month.