In February $967 SSI Payments in 2024: COLA Adjustment Details, Eligibility, and Payment Dates

CNS –

February 2024 brings a welcome boost for Supplemental Security Income (SSI) recipients as the monthly payment rises to $967, thanks to the Cost-of-Living Adjustment (COLA). This increase is designed to help SSI beneficiaries keep up with inflation and rising living costs.

If you rely on SSI benefits, understanding how this COLA adjustment works, the eligibility criteria, and when to expect your payment is crucial. Here’s everything you need to know about the $967 SSI payments coming in February 2024.

What is the COLA Adjustment for SSI?

Each year, the Social Security Administration (SSA) applies a Cost-of-Living Adjustment (COLA) to Social Security and SSI payments to help beneficiaries maintain their purchasing power as inflation rises. The COLA is based on the Consumer Price Index (CPI), which measures the change in the cost of living.

For 2024, the SSA has applied a 3.2% COLA increase to SSI payments. As a result, the maximum monthly SSI payment will rise to $967 for individual recipients. This increase is aimed at helping SSI beneficiaries, who often face financial challenges due to their limited income, keep up with rising expenses.

How Much is the $967 SSI Payment?

With the 3.2% COLA increase, the new SSI payment structure in 2024 will be:

• $967 per month for individuals.
• $1,634 per month for couples, as long as both partners are eligible for SSI.

The increase in benefits will appear in your February 2024 payment. For those who are already receiving SSI, you’ll notice the new payment amount reflected in your deposit or check.

Eligibility for the $967 SSI Payment

To receive the $967 SSI payment in February 2024, you must meet the eligibility requirements for Supplemental Security Income. These include:

1. Age and Disability: You must be 65 or older, or you must have a qualifying disability or blindness. SSI benefits are available to individuals who meet these conditions, regardless of whether they have worked or paid into the Social Security system.
2. Income Limits: Your income must be below a certain threshold. SSI is a needs-based program, so your total monthly income must fall below the federal limit to qualify. This includes both earned income (such as wages) and unearned income (like Social Security benefits, pensions, or other government assistance).
3. Resource Limits: Your resources (things like savings, cash, or property) must also be limited. For individuals, the limit is $2,000, and for couples, the limit is $3,000. However, certain resources like your home and car may not count toward these limits.
4. U.S. Citizenship or Eligible Noncitizen Status: You must be a U.S. citizen or meet the eligibility requirements for noncitizens under the SSI program.

If you’re already receiving SSI benefits, you are automatically eligible for the $967 payment in February 2024. If you’re unsure whether you qualify, you can check your eligibility using the SSA’s online tools or by contacting the SSA directly.

When Will You Receive Your $967 SSI Payment?

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The timing of your SSI payment depends on the date of your birthday. Payments are issued according to the following schedule:

• If your birthday falls on the 1st through the 10th of the month: You will receive your payment on the 2nd Wednesday of the month.
• If your birthday falls on the 11th through the 20th: You will receive your payment on the 3rd Wednesday of the month.
• If your birthday falls on the 21st through the 31st: You will receive your payment on the 4th Wednesday of the month.

For February 2024, this means:

• February 14 for those with birthdays between the 1st and 10th,
• February 21 for those with birthdays between the 11th and 20th,
• February 28 for those with birthdays between the 21st and 31st.

How to Receive Your Payment

SSI payments are typically issued through direct deposit or on a Direct Express® card, which is a prepaid debit card issued by the U.S. Department of the Treasury. If you’re already set up with direct deposit, your payment will be automatically transferred to your bank account. For those using the Direct Express® card, your payment will be loaded onto the card on your scheduled payment date.

If you don’t have direct deposit or a Direct Express® card, you can sign up for one through the SSA website or contact them for assistance in setting up a payment method.

Why Is This COLA Increase Important?

The 3.2% COLA increase in 2024 is particularly significant as it helps combat inflation, which has been affecting the cost of everyday goods, particularly food, gas, and healthcare. Many SSI recipients rely on these monthly payments as their primary or sole source of income, and the COLA adjustment helps maintain their purchasing power, ensuring they can continue to meet basic living expenses.

While a 3.2% COLA increase may seem modest, it’s a necessary adjustment to keep pace with rising living costs. It’s also a reminder of the importance of regular COLA reviews to ensure benefits keep up with inflation.

If you’re an SSI recipient, the $967 payment coming in February 2024 will reflect the new COLA adjustment, providing additional financial relief. Be sure to check the payment schedule to know when to expect your increase, and make sure your payment method is set up for smooth delivery. This boost, while modest, is an important step in helping recipients cope with rising costs, and it’s part of the ongoing efforts to support those who rely on SSI benefits for their day-to-day needs.

For more information or to check your eligibility, visit the Social Security Administration (SSA) website or contact their support services.