It’s crucial to be aware that the top payment amounts for the Supplemental Security Income (SSI) Federal Income see adjustments in line with the cost-of-living increases that affect Social Security benefits. A recent hike of 3.2% in these adjustments is set to be implemented in January 2024.
In the United States, Social Security disbursements are made on a monthly basis. These payments reach a diverse group of recipients, extending beyond those in retirement. Notably, in 2023, certain recipients, specifically those enrolled in the Supplemental Security Income (SSI) program, which supports low-income elderly and disabled persons, received two payments in a single month.
Social Security payment increases and double payment months ahead
This pattern of double payments in 2023 is expected to be replicated in 2024. Furthermore, it’s essential to recognize that the peak payment sums for Supplemental Security Income (SSI) escalate in response to the cost-of-living adjustments influencing Social Security benefits. This upcoming increment, at 3.2%, will commence in January 2024.
For 2024, the highest federal monthly amounts are projected to be $943 for a single eligible individual, $1,415 for an eligible individual with an eligible spouse, and $472 for an essential person.
To calculate the monthly amounts for the forthcoming year, we start by enhancing the unrounded annual figures for the present year by the COLA that becomes effective in January of the next year. We then divide these new unrounded figures by 12 and round down to the nearest dollar, as detailed on the Social Security’s official website.
The 2024 months when those in the Supplemental Security Income Program can expect two payments in the same month are as follows:
- In May, payments will be issued on May 1st for that month, and on May 31st for June 2024.
- In August, payments will be issued on August 1st for that month, and on August 30th for September 2024.
- In November, payments will be issued on November 1st for that month, and on November 29th for December 2024.
The reason SSI members received two payments in some months of 2023 is because their scheduled payment dates are always the 1st of the month. If this date falls on a federal holiday or weekend, the payment is advanced to the preceding business day. This scheduling will continue into the newly commenced 2024.