In 2024, Supplemental Security Income (SSI) recipients will see a rise in their benefits thanks to the Cost-of-Living Adjustment (COLA). This increase, while commonly referred to as the “$8,000 SSI hike,” actually represents a gradual rise in payments over time, due to an increase of 3.2% applied to SSI payments.
This article explains the details of the 2024 SSI payment increase, who qualifies for it, and when recipients can expect their payments.
Key Details of the 2024 SSI Payment Increase
| Key Information | Details |
|---|---|
| Payment Increase | 3.2% increase due to COLA |
| SSI Payments for Individuals | $914/month (federal base) |
| SSI Payments for Couples | $1,371/month (federal base) |
| Annual Increase | Approx. $816 for individuals and $528 for couples |
| Eligibility Requirements | Must meet age, disability, income, and resource criteria |
| Payment Date | Monthly, typically on the 1st (adjusted for weekends/holidays) |
How Much Will SSI Payments Increase in 2024?
The 3.2% COLA increase for 2024 translates into an additional $68 per month for individuals and about $44 per month for couples. This is a significant adjustment designed to help recipients keep pace with rising costs of living, especially in areas like housing, food, and healthcare.
Here’s a breakdown of the SSI payments for 2024:
- Individual SSI Payments: The federal base amount is $914 per month, with an increase of about $68 per month, totaling $816 more annually.
- Couple SSI Payments: The federal base amount is $1,371 per month, with an increase of about $44 per month, totaling $528 annually.
While the total $8,000 increase is not a one-time bump in 2024, it may reflect cumulative increases over several years or additional state supplements.
Eligibility for the $8000 SSI Hike in 2024
To qualify for SSI benefits in 2024, applicants must meet the following criteria:
- Age or Disability: Applicants must be either 65 years or older or have a disability or blindness as recognized by the Social Security Administration (SSA).
- Income Limits: SSI is designed for individuals with limited income. The income limits for 2024 are:
- $914 per month for individuals
- $1,371 per month for couples Income includes both earned and unearned sources, such as Social Security or rental income.
- Resource Limits: Individuals must have limited resources (savings, stocks, and bonds) to qualify. In 2024, the resource limits are:
- $2,000 for an individual
- $3,000 for a couple Resources like your primary residence are not counted.
How Does the COLA Increase Impact SSI Recipients?
The COLA increase of 3.2% is designed to adjust SSI benefits according to the rising costs of living. The Consumer Price Index (CPI) tracks inflation and helps determine the COLA amount each year. For 2024, the adjustment will help recipients manage increasing prices for everyday goods and services.
For example:
- A recipient receiving $914 per month will see an increase of $68 monthly in 2024, amounting to $816 annually.
- A couple receiving $1,371 per month will see an increase of $44 monthly, which equals $528 annually.
How to Apply for the $8000 SSI Hike in 2024
To ensure you receive the SSI increase in 2024, follow these steps:
- File Your 2023 Tax Return: Ensure your 2023 Income Tax and Benefit Return is filed by the December 31, 2024 deadline to qualify for the COLA increase.
- Ensure Your Eligibility: Verify that you meet all age, disability, income, and resource criteria before applying.
- Apply Online or In-Person:
- You can apply online through the SSA website.
- You can also apply by phone by calling 1-800-772-1213.
- For in-person applications, schedule an appointment at your local SSA office.
Payment Timeline for SSI in 2024
SSI payments are typically issued on the 1st of each month. However, if the 1st falls on a weekend or holiday, payments will be made on the preceding business day.
If you’re a new SSI recipient, your payment date will depend on your birthdate:
- 1st to 10th of the month: Payment on the 2nd Wednesday of the month.
- 11th to 20th: Payment on the 3rd Wednesday.
- 21st to 31st: Payment on the 4th Wednesday.
Most recipients choose to have their payments delivered via Direct Deposit to ensure faster and more reliable delivery.
Other Important Information for SSI Recipients
- Changes in Living Situation: If there are changes in your living arrangements or income, such as moving to a new home or finding a job, you must notify the SSA, as these changes can affect your eligibility or payment amount.
- Tax Implications: SSI benefits are not taxable. However, other sources of income may be taxable, so it’s a good idea to consult a tax professional for advice.
While the $8,000 SSI hike may not be an immediate one-time increase, the 3.2% COLA adjustment will provide significant monthly increases for many recipients in 2024. The boost in benefits helps individuals and families manage the rising cost of living. To ensure you receive the correct amount of benefits, it’s important to meet eligibility requirements, file your tax return on time, and report any changes in your personal circumstances.
FAQs
Q1. When will I receive the SSI increase?
The 2024 SSI payments will be issued monthly, with adjustments made in the first quarter of 2024. Payments will follow the regular payment schedule based on your birthdate.
Q2. Do I need to apply for the $8,000 increase?
No, the $8000 SSI hike is not a one-time payment, but rather a COLA increase. If you qualify for SSI, you will automatically receive the increase based on the standard application process.
Q3. Am I eligible if I live in a facility or someone else’s home?
Yes, SSI payments can be adjusted depending on your living situation, including if you live in a facility or someone else’s home. These adjustments will affect the total amount you receive.
Q4. Can my income affect my eligibility for SSI?
Yes, SSI is intended for individuals with limited income. If you exceed the income limits for individuals or couples, you may not qualify for the full benefit.
Q5. Is the $8000 SSI hike taxable?
No, SSI benefits are not taxable. However, other forms of income may be subject to taxes, so it’s important to review your financial situation with a tax advisor.
