Social Security Administration’s Adjustment Provides Additional Income Amidst Inflation
In a welcome development for Supplemental Security Income (SSI) recipients, the upcoming Cost of Living Adjustment (COLA) in 2023 is set to bring a financial lift. The Social Security Administration has announced a 3.2% increase for 2024, a response to the persistent impact of high inflation. Notably, SSI beneficiaries can anticipate this financial boost earlier than their Social Security counterparts.
For recipients of SSI, accustomed to payments arriving on the first of each month, the adjustment comes with a unique timing. Due to the regular payment date in January 2024 coinciding with a holiday, the increased benefits will be disbursed in December 2023.
In early December, SSI recipients can check their My Social Security account message center for notifications detailing the new benefit amount. This change allows individuals dependent on SSI to benefit from the COLA increase a month earlier than those receiving standard Social Security payments.
The first wave of increased payments is scheduled for December 29, 2023, ensuring recipients have access to the additional funds before the start of the new year. Since January 1, 2024, falls on a holiday, recipients would typically receive their checks on the nearest business day, which, in this case, is December 29.
This adjustment is a significant move by the Social Security Administration to address the financial impact of inflation on vulnerable populations. The 3.2% COLA increase aims to provide much-needed relief to SSI recipients, offering a timely and beneficial adjustment to their income.
As individuals prepare for the holiday season, the early arrival of these increased payments is poised to bring a measure of financial stability and assistance to SSI recipients, reflecting a positive turn amidst economic challenges.