Social Security Changes Latest 4 Updates Including COLA: Know Details

The Social Security Administration (SSA) has announced major changes to the Supplemental Security Income (SSI) program starting in October 2024, which will affect over 7 million low-income Americans.

These changes aim to provide more financial stability and improve access to benefits, especially for those with disabilities and the elderly.

Big Shifts in Social Security: What You Need to Know

The SSI program is a critical financial support system for individuals over the age of 65, as well as disabled or blind adults and children. The current monthly income limit for eligibility is $1,971. Below are the key updates for the SSI program:

1. Adjustment in Benefit Amounts:
   • Currently, individuals receive an average of $943 per month.
   • Couples can receive up to $1,415.
   • With the 2025 COLA (Cost of Living Adjustment), payments will increase, with a projected 2.5% boost expected.
2. Eligibility Criteria Update:
   • The SSA has revised the income threshold, which will allow more individuals to qualify for benefits.
3. Resource Limit Modifications:
   • Changes to the resource limits will enable beneficiaries to retain more assets without losing eligibility.
4. 2025 COLA Increase:
   • While the exact amount has not been confirmed, the 2.5% COLA increase will raise payments beyond the current $943 average for individual recipients. The first payments reflecting the increase will arrive in early 2025.

These updates aim to ease financial pressure on low-income individuals, providing timely financial relief amid rising living costs.

Key Changes in SSI Eligibility Criteria

Starting September 30, 2024, a significant update in eligibility rules will make it easier for households to qualify for SSI benefits:

• Public Assistance Household Definition:
  • Old Rule: Every household member needed to receive public assistance to qualify for SSI.
  • New Rule: Only one household member needs to be an SSI recipient, along with one other member receiving verified public assistance (such as SNAP benefits).

This adjustment will increase eligibility for 109,000 new individuals and enhance payments for 277,000 current beneficiaries.

Changes to Food Assistance Calculations (ISM)

The SSA is also revising how it treats in-kind support and maintenance (ISM), specifically related to food:

• Previously, any food assistance (from family or friends) was considered “unearned income,” which reduced SSI eligibility.
• Starting September 30, food assistance will no longer be counted in ISM calculations, allowing recipients to receive food help without risking a reduction in benefits.

This change will reduce the reporting burden for recipients and improve payment accuracy.

2025 COLA Increase: What to Expect

The 2025 COLA adjustment is expected to boost Social Security payments by 2.5%. This increase will be applied to the base payment, ensuring higher monthly checks for SSI recipients.

For example:

• The current average monthly payment of $943 will increase to approximately $966 (subject to final COLA confirmation).
• The exact COLA will be officially announced later in the year, but early payments reflecting this adjustment will be sent ahead of schedule.

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