Millions of Americans receiving Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) can look forward to a significant monthly raise in 2024. Thanks to the Social Security Administration’s (SSA) annual Cost-of-Living Adjustment (COLA), beneficiaries could see an increase of up to $301 in their payments. Here’s what you need to know about eligibility and when to expect the deposit.

What Is the COLA and Why Does It Matter?

The COLA is an annual adjustment applied to Social Security benefits to account for inflation. For 2024, the COLA is set at 3.2%, ensuring recipients’ purchasing power keeps pace with rising costs for essentials like housing, healthcare, and groceries. This increase translates into significant financial relief for those who rely on SSI and SSDI for their daily needs.

For SSI recipients, the federal standard payment is expected to rise, while SSDI beneficiaries’ payments will adjust based on their average lifetime earnings. The maximum monthly benefit for individuals could increase by as much as $301, depending on their circumstances.

Eligibility for the 2024 Increase

To qualify for the 2024 COLA adjustment, you must already be receiving SSI or SSDI benefits. Key points to consider:

• SSI Recipients: Eligibility is based on limited income and resources. The raise will apply automatically to those who qualify.
• SSDI Beneficiaries: Payments are determined by lifetime earnings, and the COLA will adjust benefits accordingly.

No additional application is required. If you’re already enrolled, the increase will automatically reflect in your monthly payments.

Deposit Dates for the New Payments

The raised benefits will start arriving in January 2024. Here’s a breakdown of deposit schedules:

• SSI Payments: Typically arrive on the first day of each month. If the first falls on a weekend or holiday, payments are issued on the prior business day.
• SSDI Payments: Arrival depends on your birth date. Payments are distributed on the second, third, or fourth Wednesday of each month based on the beneficiary’s birth date.

To confirm your specific deposit date, log into your online account at ssa.gov.

How to Use the Additional Funds Wisely

Financial experts recommend using the additional $301 to cover rising costs or improve financial security. Suggested uses include:

1. Paying Off Debts: Reduce high-interest obligations to free up future income.
2. Building Emergency Savings: Prepare for unexpected expenses.
3. Addressing Healthcare Needs: Cover out-of-pocket medical costs or insurance premiums.

Conclusion

The $301 monthly raise for SSI and SSDI recipients in 2024 is a welcome relief amid rising living expenses. With no additional steps needed to receive the adjustment, beneficiaries can focus on maximizing these funds for essential needs or financial goals. For more details about the COLA and how it affects your benefits, visit Forbes.

Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates.