Many eligible seniors are receiving Social Security payments from the government, and from time to time the government changes Social Security Benefits in line with increases in cost of living adjustments. Annually, the COLA is adjusted by the government to reflect any increases measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
The CPI-W is generally prepared by the Bureau of Labor Statistics to ensure the purchasing power of Social Security benefits and Supplemental Security income payments remains constant with inflation. As per the latest, senior citizens on SSI will receive SSI payments with a COLA Increase in December 2023. So if you are excited to know more updates about it, read this article until the end. Here you will see the SSI Increase in Payment Date and the reason for the increase in the following sections.
Seniors on SSI Will get COLA Increase This Month
Many seniors are receiving SSI Benefits from the government and now SSA is releasing the SSI COLA Increase Amount in December 2023 for the eligible beneficiaries. Payment will be available directly into the bank account of the beneficiaries. Due to the COLA Increase, approximately 71 million people will benefit from this payment, which will improve their financial position to manage their daily expenses.
The government has released approximately USD 7.5 million to manage this increase and provide benefits to eligible people. If you are also a Supplemental Security Income beneficiary, check the account and receive the SSI COLA Increase Payment. As of the latest, the SSI COLA Increase Payment 2023 amount will be available on December 29, 2023. So you need to stay calm for this payment and soon it will be available to you.
SSI COLA Increase for Seniors – Overview
|Social Security Administration
|Seniors on SSI will get a COLA Increase in December 2023
|SSI COLA Increase to
SSI COLA Increase 2024
Due to the COLA increase, Social Security beneficiaries will receive new SSI Payments in early December 2023 for which notification will be provided to you. Whenever you receive the SSI new amount COLA Increase they will leave a message for you confirming that your payment has been deposited into your account. You can also check My Account to verify whether your payment was received.
If the payment is not provided for you then you can wait till January 2024 and then contact the higher authority to know the updates on your SSI COLA Increase Amount in 2023. Below I have mentioned all the possible reasons and dates on which the payment will be made to you. If you want to know everything then scroll down this page to collect them. For any kind of assistance, you can leave a comment in the comment box below.
What is Supplemental Security Income?
The Social Security Administration, the US federal government, has launched the Supplemental Security Income program to assist low- and moderate-income families. This program provides financial assistance to families who are unable to maintain their daily expenses due to a lack of financial stability. So if you are an SSI Recipient and looking for an SSI COLA Increase in December 2023 then the government will provide you assistance on the given date. SSI payments are provided every month and meet the needs of needy families.
The SSI program provides financial assistance to low- and moderate-income families. Also beneficial for old age recipients, disabled persons and children. There is an annual increase in the SSI Amount which is managed according to inflation and cost of living. This increase is not stable individually and from time to time there are increases from the government. If the inflation rate increases then families are not able to meet their daily expenses and have to face some financial problems. Due to this, the government manages the cost of living adjustment and provides suitable funds to the eligible beneficiaries based on the prevailing situation.
SSI COLA Increase for Seniors – Expected Date
SSA has announced it will provide increased SSI COLA benefits this month. About 71 million SSI recipients will benefit from this payment and will receive some additional funds from the government. If you are also looking for an SSI Increase Amount in December 2023 then it will be available on 29th December 2023. The COLA Increase would result in a small increase in Supplemental Security Income which would be beneficial for everyone managing their expenses.
As per the latest, SSA has announced and approved that SSI Payments will be made available with a COLA increase in December 2023 and the COLA for the coming year 2024 can be increased to 3.2% which is 8.7% in 2023. There is a small increase in comparison. Social Security Benefits will also be affected by this increase in other COLAs and further payments will be adjusted accordingly. Usually, the increase in COLA is due to an increase in inflation and is needed to manage the cost of living where one cannot face inflation through which the rate of goods and services also increases. So now you need to be ready to receive the SSI COLA Increase Payment from the SSA this week.
Reason for SSI COLA Increase
The COLA increase for 2024 will depend on the inflation rate which is calculated by the Social Security Administration based on the Consumer Price Index (CPI-W). Whenever the COLA increases, further Social Security benefits are also affected and the Department will provide an increase in benefit payments so all beneficiaries will receive some extra money with their monthly payments. On October 12, 2023, SSA announced it to provide an SSI COLA increase in December 2023 to all eligible beneficiaries.
This increase could affect all SSA payments made for the coming year 2024. The COLA is adjusted annually by the government and is due to inflation. If there is inflation, the cost of living will be adjusted to support low- and middle-income families. If you are also an SSI beneficiary then you can get this SSI Increase Amount 2023 this week. I will update you with this article if further updates regarding changes become available. For which you will have to stay connected to this website.