SSI, Social Security Benefits Set To Increase

The Social Security Administration said there will be a cost-of-living adjustment for benefits in 2024. (Disability Scoop)

People with disabilities who receive Social Security and Supplemental Security Income benefits will see their monthly payments increase next year.

The Social Security Administration said Thursday that benefits will increase 3.2% in 2024.

The jump is due to an automatic cost-of-living adjustment, known as COLA. The annual adjustment, which is intended to account for inflation, is based on the Consumer Price Index from the U.S. Department of Labor’s Bureau of Labor Statistics.

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The increase will mean the maximum federal SSI payment for individuals will reach $943 per month next year, up from $914 currently, according to the Social Security Administration. The maximum for couples will be $1,415, up from $1,371.

Actual payments to SSI recipients may be higher as some states add more.

The new amounts will go into effect for about 7.5 million SSI recipients nationwide starting Dec. 29, while higher payments will begin for those receiving Social Security in January, officials said.

The Social Security Administration said it will send notices informing beneficiaries of their new payment amount in early December, and the information will be available online to those who have an account on the agency’s website.

While next year’s COLA is notable, the increase is well below this year’s 8.7% increase, which represented the largest year-over-year increase in more than 40 years.

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