$8,000 SSI Increase in 2024: US Government announces monthly payments for SSI, SSDI, and VA. While receiving monthly Social Security benefits in the US, beneficiaries may receive an additional $8,000 payment this year.
Senior citizens and disabled people in the country already receive monthly pension payments and financial assistance from state governments, helping them cope with the increasing cost of living in the country.
As COLA continues to rise in various parts of the US, the US government has increased the percentage of Social Security benefits for beneficiaries.
So, if you are receiving monthly payments from SSI, SSDI, or VA, read this article that shares the details of the additional $8,000 program payment to eligible beneficiaries.
$8,000 SSI Increase 2024: Check the new bill for Social Security, SSI, SSDI, VA and payment date
The US government has been increasing SSI payments to beneficiaries every year in line with the rise in domestic inflation and cost of living. Experts and other news agencies believe that the government is preparing to increase Social Security benefits from $2,000 to $8,000.
The SSI amount is expected to increase as the COLA increased by 3.8% in 2024 compared to the previous year.
This year, inflation in the country has risen very sharply, making it difficult for people to generate additional sources of income to cover expenses such as Medicare, groceries, and groceries. Therefore, the government will provide up to $8,000 as part of SSI payments, which will also be helpful for disabled beneficiaries who receive SSDI and VA. However, you will need to wait for an official statement from the authorities to receive your increased SSI payment next month.
SSI Payments May 2024
In 2024, the maximum amount of Supplemental Security Income payment has been increased to $943, a 3.2% increase from the previous year. This means that your May 2024 check will be higher than your May 2023 check. However, you will not receive a larger SSI payment than the previous month. Instead, you will receive an additional payment at the end of May, which will be applied in June, but for many Americans, it will be paid early in May 2024.
If you choose direct deposit, the benefit will be deposited in your checking account on May 31, 2024, a little earlier than usual. As a result, you can expect to receive two checks in May: the first on May 1 and the second on May 31. The early delivery of the second check falls on a weekend on June 1, so the Social Security Administration is asking for the payment to be expedited to minimize delays.
Additional Income Adjustment for Social Security: Scheduled for September 30, 2024
The additional income adjustment to Social Security will not go into effect until September 30, 2024, but it is expected to be an interesting change. Going forward, the Social Security Administration plans to expand the SSI rent subsidy policy already in place in seven states: Connecticut, Illinois, Indiana, New York, Texas, Vermont, and Wisconsin.
This expansion will expand benefits for SSI claimants, potentially increase payments to eligible beneficiaries, and make some Americans who were not previously eligible for Supplemental Security Income eligible.
Maintain maximum SSI check
However, the maximum SSI check amount will remain at $943 through the end of 2024, with future adjustments determined by the cost-of-living adjustments (COLA) for both Supplemental Security Income and Social Security benefits.
Effect on future COLAs uncertain
It is too early to determine the exact impact of COLAs. While this change will not result in additional monthly payments for those already receiving the maximum amount of SSI, it will increase payments for many current beneficiaries and extend SSI benefits to new eligible individuals, ensuring that many Americans who were not previously receiving this benefit by the end of the year will receive it if they received it.