“2024 SSI Payment Increase: Beneficiaries Set to Receive Up to $943 More”

According to Race Day, Supplemental Security Income (SSI) beneficiaries will soon see an increase in their payments due to a backlog in disbursements. Many individuals depend on these benefits to manage their living expenses, particularly those who live paycheck to paycheck. The Social Security Administration (SSA) has announced a significant increase in SSI checks to provide much-needed financial relief.

Eligibility for SSI

The SSI program is designed to assist low-income Americans, disabled individuals who have not paid Social Security taxes, and children in specific financial situations. To qualify for SSI, applicants must demonstrate that their income and resources, including salaries and other Social Security benefits, fall below certain thresholds.

Increase in Payments Confirmed

The SSA has confirmed that the upcoming increase in SSI checks will benefit approximately 400 individuals with terminal illnesses, including those suffering from severe conditions like chronic heart failure and various cancers. These beneficiaries have experienced delays in their payments, leaving them in difficult financial situations and unable to meet their basic living costs.

The SSA recognizes the urgent needs of these recipients and is taking steps to ensure they receive the financial assistance they are entitled to during these critical times.

Also read: “Upcoming Social Security Update: Anticipated COLA Boost for 2025 Retiree Benefits”

Timeline for Payment Increases

In addition to alleviating the financial burdens faced by these recipients, the increase in benefits will provide greater stability amidst challenging circumstances. Beneficiaries can expect their monthly checks to grow over the next three to six months, although the amount of the increase cannot exceed the maximum SSI payment limit for 2024, which is set at $943.

Additional Benefits Coming in December

Starting in December, SSI beneficiaries will also receive an additional boost in their monthly benefits due to a cost-of-living adjustment (COLA), which will be announced next week.

While the exact COLA increase will not be disclosed until October 10th, estimates suggest that recipients may see a 2.5% increase in their SSI checks.

It’s important to note that these enhanced monthly payments will be issued on December 31st for SSI beneficiaries, while other Social Security recipients will receive their additional benefits starting in January. This early payment is due to January 1 falling on a holiday, prompting the SSA to adjust the disbursement to the preceding business day.

Important Payment Dates for SSI Beneficiaries

Given that the federal government processes over 70 million payments each month, the SSA has established a payment schedule for all recipients to ensure transparency regarding specific payment dates. According to this schedule, SSI beneficiaries will receive their final four Social Security payments of the year on the following dates: