Increase in Social Security and SSI payments starting January 2024

The Social Security Administration (SSA) is in final preparations to implement increases in Social Security payments and the Supplemental Security Income (SSI) program starting next year, thanks to the expected cost of living adjustment (COLA). ).

Annually, the SSA calculates the COLA to ensure that the purchasing power of beneficiaries is maintained, adjusting to variations in the Consumer Price Index for Urban Wage Workers and Clerical Workers (CPI-W).

By 2024, a COLA of 3.2% is expected, which will result in substantial increases in Social Security and SSI payments. Beneficiaries, who include retired workers, survivors and those with disabilities, will experience significant increases in their income.

According to SSA projections, average payments for retired workers will increase from $1,848 to approximately $1,907 in 2024. The maximum benefit for those who retire at full age will be $3,822.

Senior couples receiving benefits will see an increase from $2,939 to $3,033 in average payments. Other Social Security payments will also see increases, as detailed in SSA projections.

Supplemental Security Income Payments

As 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.

The COLA will go into effect in December and will be reflected for the first time in payments in January 2024. The SSA payment schedule states that SSI benefits will be sent out on the first day of the month. And in advance of the first previous business day if it falls on a Saturday, Sunday or holiday.

Since January 1, 2024 is a holiday, the first increased SSI payment will be sent on Friday, December 29, 2023. Increased Social Security payments will follow the following schedule:

Payment schedule in 2024

Wednesday, January 3: Benefits for those who began receiving payments before May 1997.
Also on Wednesday the 10th: Payments for beneficiaries with dates of birth between the 1st and the 10th.
Wednesday the 17th: Payments for beneficiaries with a date of birth between the 11th and the 20th.
And on Wednesday the 24th: Payments for beneficiaries with a date of birth between the 21st and the 31st.
With these updates, SSA seeks to ensure that Social Security and SSI beneficiaries can better weather the impact of inflation and maintain an adequate standard of living. Get ready to receive those increases in your accounts!