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Beneficiaries of SSI Anticipate New Payments: Will They Include COLA Boost?



Beneficiaries of SSI Anticipate New Payments: Will They Include COLA Boost?

Beneficiaries of SSI Anticipate New Payments: Will They Include COLA Boost? If you rely on the Supplemental Security Income (SSI), the good news is that your payment is on its way. However, you might be wondering if this payment will come with the new COLA (Cost of Living Adjustment) boost.

Excitement Among SSI Recipients as New Payments Approach

Recipients of Supplemental Security Income (SSI) have a reason to be excited, as they can expect to receive up to $914 in payments. Fortunately, the Social Security Administration has officially announced that these new payments are en route.

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Countdown to SSI Payments: Just One Week Away

For those benefiting from SSI, your much-anticipated payment will be in your hands in just one week. Mark your calendars for November 1, 2023. Remember, you can only qualify for this monthly check if you’ve successfully applied for Supplemental Security Income and have received approval.

Eligibility and Purpose of SSI Benefits

It’s essential to note that SSI is meant for individuals and families with low or no income and no other significant resources. Some recipients may receive meager retirement or SSDI payments, which is why they qualify for SSI.

SSI for Eligible Couples: What to Expect

If you’re part of an eligible couple receiving SSI, the good news is that you can expect a combined payment of up to $1,371 in 2023. Keep in mind that, apart from low income, beneficiaries must meet specific requirements such as being 65 years old or older, being blind, or having a qualifying disability. In some cases, children with qualifying disabilities may also receive monthly payments.

How to Secure Payments and Raise Awareness

For those who want to access payments of up to $914, the process is straightforward. You can schedule an appointment to determine your eligibility. Applying is worthwhile since there’s nothing to lose. Many Americans may not even be aware that they qualify for SSI, so it’s essential to spread the word.

Special SSI Payday on November 1

November 1 will also be an SSI payday for essential individuals. In addition to eligible individuals and couples, essential individuals can receive payments of up to $458 in 2023.

Will the November 1 SSI Payment Include the 2024 COLA Increase?

While many Americans receiving SNAP benefits and SSI await their COLA increase, there’s a distinction between the two programs. SNAP beneficiaries receive their COLA increase in October, but the same doesn’t apply to the Supplemental Security Income Program.

A Delay for SSI COLA Boost

SSI recipients should be prepared for a slight delay in receiving their new COLA boost, which is expected on December 29. The reason for this delay is that January 1 is a holiday, so the Social Security Administration provides beneficiaries with their January payment three days in advance.

New Payment Amounts for 2024

Though the new payment amounts for 2024 have been announced, beneficiaries will need to wait a bit to receive them. Single individuals who qualify can expect payments of up to $943, while eligible couples can collect up to $1,415 in 2024. Essential individuals on SSI will receive checks of up to $472 in 2024, thanks to the COLA increase, as per the SSA.

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