SSI: Cost of Living Increase for 2024

The Social Security Administration announced that SSI payments will increase 3.2% in FY 2024.  The increase will mean that the maximum federal SSI payment for individual swill reach $943 per month next year, up from $914 currently.  The maximum for couples will be $1415, up from $1371.  Actual payments to SSI beneficiaries could be higher since some states tack on extra.  The new amounts will take effect nationwide starting December 29, while higher payments will begin for those receiving Social Security in January.