Social Security and Supplemental Security Income benefits will see their monthly payments rise next year due to an automatic cost-of-living adjustment, known as COLA. The annual adjustment, which is intended to account for inflation, is based on the Consumer Price Index from the U.S. Department of Labor’s Bureau of Labor Statistics.
The Social Security Administration said benefits will go up 3.2% in 2024. The increase will mean that the maximum federal SSI payment for individuals will reach $943 per month next year, up from $914 currently. The maximum for couples will be $1,415, up from $1,371.
The new amounts will take effect for about 7.5 million SSI beneficiaries nationwide starting Dec. 29, while higher payments will begin for those receiving Social Security in January, officials said. The Social Security Administration indicated that it will send out notices informing beneficiaries of their new payment amount in early December and the information will be available online for those with an account on the agency’s website.
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