In October 2024, over 71 million Social Security beneficiaries in the U.S. will see a significant boost in their payments due to a 2.63% Cost of Living Adjustment (COLA). This adjustment aims to mitigate the impact of inflation, providing much-needed relief to retirees, individuals with disabilities, and other Social Security recipients.
Key Changes for Supplemental Security Income (SSI) Recipients
Starting September 30, 2024, Supplemental Security Income (SSI) beneficiaries will benefit from a new rule that eliminates the consideration of food assistance as unearned income. Previously, receiving food aid from friends, family, or community sources could reduce SSI payments or affect eligibility. This change will allow beneficiaries to receive full monthly payments without penalties for external support.
Impact of the New Rule on Food Assistance
Previously, food aid from friends, family, or community organizations could reduce SSI payments or affect eligibility. The new rule will enhance equity by ensuring that those who receive external support can access full benefits without financial drawbacks.
Enhancing Equity and Support for Vulnerable Populations
The 2024 COLA adjustment and the elimination of food assistance penalties highlight the SSA’s commitment to improving financial stability and fairness for its most vulnerable populations. This reform not only addresses inflation but also ensures more equitable resource distribution.
