SSI Payments to Increase for 75 Million Beneficiaries
Enhanced Benefits and Pension Rates for 2023 to 2024
Key Points:
- SSI payments will increase for approximately 75 million recipients.
- The increase will take effect on December 29, 2023.
- The maximum income limit for SSI benefits in 2024 is $22,320.
- There is no earnings cap for SSI recipients after reaching full retirement age.
The Social Security Administration (SSA) has announced that Supplemental Security Income (SSI) payments will increase for approximately 75 million recipients. The increase, which is part of the annual cost-of-living adjustment (COLA), will take effect on December 29, 2023.
The COLA adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures the change in prices for goods and services purchased by urban wage earners and clerical workers. The CPI-W increased by 8.7% from December 2021 to December 2022, resulting in the 8.7% increase in SSI payments.
The maximum income limit for SSI benefits will also increase in 2024. For individuals, the limit will increase from $21,375 in 2023 to $22,320 in 2024. For couples, the limit will increase from $32,085 in 2023 to $33,480 in 2024.
There is no earnings cap for SSI recipients after reaching full retirement age. This means that SSI recipients who are also working can continue to receive their full SSI benefits regardless of how much they earn.
The SSI payment increase is a welcome relief for millions of Americans who rely on SSI benefits to meet their basic needs. The increase will help recipients keep up with the rising cost of living and maintain their quality of life.
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