There's been a lot of talk about how much Social Security benefits will increase in 2024, but that's not the only thing going up. Supplemental security income (SSI) is rising as well.
Here's a look at how much those who qualify for SSI will receive in 2024 and what you can do if you don't feel your checks are enough.
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SSI is getting a COLA too
Social Security checks will receive a 3.2% boost in 2024, thanks to a cost-of-living adjustment (COLA). SSI benefits will also rise by the same amount next year. The table below shows how the program's maximum federal benefit amount for 2024 compares to 2023.
|
Federal Benefit Amount for 2023 |
Federal Benefit Amount for 2024 |
|
|---|---|---|
|
Individual |
$914 per month |
$943 per month |
|
Couple |
$1,371 per month |
$1,415 per month |
Data source: Social Security Administration. Table by author.
This reflects the most the federal government will give to those who qualify for SSI, but you may receive more or less than this. The federal government can reduce the benefit it pays you if your income or resources, like stocks or some personal property, exceed certain thresholds.
On the other hand, most state governments supplement SSI benefits. The only ones that don't are:
- Arizona
- Arkansas
- Mississippi
- North Dakota
- Tennessee
- West Virginia
If you qualify for a state supplement, your monthly SSI checks could be higher than the limits outlined above.
How to find out what your 2024 SSI benefit will be
You don't have to calculate anything on your own to determine what your 2024 SSI benefit will be. The Social Security Administration will mail COLA notices to all SSI beneficiaries in December. This will list your exact check amount. You'll also be able to view this information in your my Social Security account.
If your financial situation hasn't changed drastically during 2023, you can probably get a rough estimate of how much more you'll get each month by adding 3.2% to your current checks. But it's probably best to wait on building a 2024 budget involving your SSI payments until you know exactly how much you'll receive.
What to do if your SSI checks aren't enough
Social Security and SSI checks can provide several thousand dollars in income each month, but it still might not be enough. Ideally, you have some personal savings to supplement them, but if this isn't the case, you may have to look into other government financial aid programs.
For example, see if you qualify for Supplemental Nutrition Assistance Program (SNAP) benefits to reduce your grocery costs and Medicaid to assist with healthcare expenses. Your state or local government may also have programs to assist with other basic needs, including utilities and affordable housing.
Also, make sure that all eligible members of your household are claiming the Social Security and SSI benefits they're entitled to. Two or more checks might provide what you need to cover essential bills.
If you have any questions about your SSI benefit after receiving your COLA notice in December, reach out to the Social Security Administration for clarification. Otherwise, just sit back and wait for your first SSI payment with the new amount on Dec. 29.
