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Social Security COLA: Americans To Recieve Upto $914 As SSI Benefits; Check If You Are Eligible

Social Security COLA
Social Security COLA; Source- CNBC

December is when millions of Social Security recipients receive their Supplemental Security Income (SSI) payments; around this time, the majority of Americans spend funds on the holidays.

Social Security COLA

Social Security COLA; Source- Forbes

Supplemental Security Income In December

Next month, two payments one on Friday, December 1, and the other on Friday, December 29 are slated to be made. Because January 1st is a holiday, SSI beneficiaries will receive a couple of checks this month instead of the regular one, which is usually given on the first of the month. The administration in this instance mails the check on December 29, which is the closest business day. The COLA for 2024 will be included in this second check in December, making it larger than the first. Recipients will receive a nice surprise before the New Year begins. As promised by the administration earlier this year, the COLA for over 66 million SSI participants in 2024 will be 3.2% higher than in 2023.

Estimation Of Supplemental Security Income

Every year, the increase is determined by calculating the percentage rise in the CPI for Urban Wage Earners and Clerical Workers from the third quarter of the prior year to the current year. This calculation is based on inflation. For someone to be eligible for SSI benefits, they must either be over 65 and meet specific financial conditions, or they must be under 65 and have a severe physical or mental illness that has persisted for at least a year or is predicted to cause their death. For retirees, SSI is paid separately from Social Security checks; the two are not the same.

Maximum SSI Benefits

The maximum monthly benefit amount for an individual receiving SSI is $914; however, those who live with and provide care for someone receiving SSI are eligible to receive up to $458 per month. The new maximum, which is $472 for caregivers of SSI claimants and $943 for single beneficiaries, means that the subsequent payment in December will be marginally more than that. SSI benefits for married couples are $1,371 on December 1 and $1,415 on December 29. Use the SSA calculator to find out an estimated amount you would receive if you were an SSI beneficiary.

To see the new COLA applied to their monthly checks, additional recipients of Social Security will need to wait until January. Earlier this year, the SSA faced criticism following disclosures that it was attempting to recover billions of dollars in payments in excess from retirees, jobless, and disabled beneficiaries. According to the federal agency, it gave these individuals money to which they were not legally entitled, and now they demand their money back, regardless of their ability to pay for it. Congress, which conducted a hearing last month and demanded action to correct the situation, has expressed disapproval and criticism of the action.

 

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