If you receive Supplemental Security Income (SSI), you’re in for a 3.2% cost of living adjustment (COLA) increase in December 2023, a month earlier than other Social Security beneficiaries due to heightened inflation levels. The Social Security Administration has opted for an early boost to address rising living costs. Keep an eye on your My Social Security account message center in early December for details on your new benefit amount.
Note that the deadline for online account creation was November 14, so if you missed it, expect a mailed letter with all the pertinent information about your increase. While the rest of Social Security recipients will see their initial COLA increase in January 2024, SSI beneficiaries are set to receive theirs a month earlier, with details available online or via mail for those without an online account. Stay informed about the 2024 Social Security payment schedule and Medicare premiums and deductibles.
What to Expect from Your SSI COLA Rise in 2024
The Social Security Administration adheres to a precise timetable for the distribution of monthly payments. Individuals receiving Supplemental Security Income (SSI) can typically expect their payments to be disbursed on the first day of each month. There are two scenarios where your payment might deviate from the usual schedule of the first of the month: if the standard payment date coincides with a holiday or falls on a weekend.
In the instance of January 2024, the first day of the month happens to be a holiday. In such cases, the administration takes the initiative to dispatch the checks a bit earlier, on the closest business day, which, in this particular situation, would be a Friday. Consequently, instead of receiving your January 2023 check in January, you can anticipate receiving it in December of the current year.
SSA Increased the Disability Brackets for 2024
Eligibility for disability benefits is contingent upon meeting various qualification criteria, with one key limitation being that your earnings must not surpass a specified threshold. This earnings cap undergoes annual adjustments. The limits for the year 2024 are as follows:
- Non-blind: $1,550 per month, up from $1,470 per month.
- Blind: $2,590 per month, up from $2,460 per month.
- Trial work period (TWP): $1,110 per month, up from $1,050 per month.
If you think you qualify for the Social Security SSI benefits, apply now at the official SSA’s website, here. You’ll find all the information you’ll need, what the current requirements are, and how to apply online, in site o by phone. Don’t miss out to the opportunity to have a better quality of life.