In a boost for those reliant on Supplemental Security Income, another Cost of Living Adjustment (COLA) in 2023 promises a welcome financial boost.
Responding to escalating inflation rates, the Social Security Administration has approved a 3.2% increase in Cost of Living Adjustment (COLA) for 2024
Notably, recipients of Supplemental Security Income will witness this financial adjustment taking effect earlier than their counterparts, with the initial increase scheduled for December 2023, bucking the usual trend of January adjustments.
Come early December, beneficiaries can anticipate checking their My Social Security account message center for notifications detailing the revised benefit amount. While regular Social Security recipients will have to wait until January 2024 for their first increased checks, those receiving Supplemental Security Income can expect their initial Cost of Living Adjustment-affected payment on December 29, a proactive move due to the January 1 payment date coinciding with a holiday.
It’s crucial to note that the standard payment schedule for SSI recipients dictates payments on the first of each month
However, exceptions are made when the first falls on a holiday or a weekend. In the case of the upcoming January 2024 payment, the holiday necessitates an earlier distribution on the closest business day, ensuring SSI recipients receive their financial adjustment promptly. This early implementation reflects a tailored approach to accommodate the unique needs of Supplemental Security Income beneficiaries amid changing economic conditions.
Leave a Reply