Good news awaits individuals receiving Supplemental Security Income, as they can anticipate a welcome boost in their finances with another Cost of Living Adjustment (COLA) in 2023.
In response to elevated inflation rates, the Social Security Administration has raised the COLA for the year 2024 by a significant 3.2%. Notably, recipients of Supplemental Security Income will experience this positive change a bit earlier than other Social Security beneficiaries. Instead of waiting until January 2024, those on Supplemental Security Income can look forward to their initial COLA increase in December 2023. This adjustment is aimed at providing additional support to individuals who rely on Supplemental Security Income, offering timely financial relief in the face of rising living costs.
Upon reaching early December, you can access your My Social Security account message center to find information regarding the updated benefit amount.
If you solely receive Social Security payments, the initial check reflecting the adjusted amount is scheduled to be issued in January 2024.
What prompts the SSI increase?
Payments for individuals receiving SSI are consistently scheduled for the first day of each month. There are two scenarios in which your payment might deviate from this pattern: if the regular payment date coincides with a holiday or falls on a weekend.
As an example, the first day of January 2024 happens to be a holiday. In such cases, the payment is issued earlier on the closest business day, which, in this instance, would be a Friday.
Hence, you can expect to receive your January 2024 check in December 2023.
For individuals receiving SSI, a payment with the updated benefit amount will be issued on December 29. Given that the initial increased payment is slated for January 1, which falls on a holiday, the distribution has been advanced to ensure you receive your first payment for 2024 ahead of schedule.
