SSI Benefits Expected To Rise Next Year
Social Security and Supplemental Security Income checks are likely to grow again in 2024, according to a new analysis, though not by nearly as much as this year.
A projection this month from The Senior Citizens League, a nonprofit that advocates for seniors, suggests that benefits will increase by around 3.1% starting in January.
By contrast, monthly payments from the Social Security Administration rose 8.7% this year, the most since 1981.
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The increase is due to an automatic cost-of-living adjustment, known as COLA, which is triggered by inflation. The annual adjustment is tied to the Consumer Price Index for the third quarter, which will be announced this fall. The Senior Citizens League’s report this month offers an estimate that’s based on recent trends in the cost of goods.
Since 2000, the nonprofit found that COLA has increased benefits by 78%, rising an average of 3.4% each year. During that same time, however, the report indicates that the cost of goods has increased by an average of 6.2% annually.
More than 7 million people, including many with disabilities, receive SSI each month. The maximum federal SSI benefit this year is $914 per month for individuals and $1,371 for couples, according to the Social Security Administration, though payments can be higher since some states kick in extra.
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