When do SSI beneficiaries see their first 2024 COLA adjusted payment?
The SSA is preparing to apply the 2024 COLA to benefits. Here’s when you can expect the increased Social Security and SSI payments to be shipped next year.
The Social Security Administration (SSA) is increasing Social Security and SSI payments next year thanks to the cost of living adjustment (COLA).
Each year, the SSA calculates the COLA in order to keep up with inflation so that it doesn’t affect the purchasing power of beneficiaries. It is calculated based on changes in the Consumer Price Index for Salaried Workers in Urban Areas and Administrative Workers (CPI-W).
The calculation compares CPI-W data from the third quarter of the previous year and compares it with that of the third quarter of the current year. If there has been an annual increase in the CPI-W, the SSA increases the beneficiaries monthly payments.
In 2024, the COLA will be 3.2%, so SSI and Social Security payments, which include retired workers, survivors, and Social Security Disability Insurance benefits ( SSDI) will get a corresponding boost.
When will increased payments begin to be sent?
The COLA goes into effect in December and is applied for the first time in January 2024 Social Security and Supplemental Security Income (SSI) payments.
According to the SSA payment schedule, SSI benefits are sent on the first day of the month. However, if it falls on a Saturday, Sunday or holiday, it is brought forward to the first previous business day.
Because January 1, 2024 is a holiday, the first increased SSI payment is move up and sent on Friday, 29 December, 2023. The remainder of the first increased Social Security payments they will be sent on the following dates:
How much Social Security benefits will increase in 2024
According to the SSA average payments for all retired workers will increase from $1,848 to approximately $1,907 for next year. The maximum benefit for those retiring at full retirement age will be $3,822 in 2024.
On the other hand, average payments for elderly couples, where both receive benefits, will rise from $2,939 to $3,033, approximately. Other average monthly Social Security payments will look like this for 2024, according to the SSA:
For Supplemental Security Income (SSI) benefits, the standard federal payment will increase from $914 to $943 for individuals and from $1,371 to $1,415 for couples.