Social Security payments are about to increase in the coming months.

Supplemental Security Income (SSI) and (OASDI) payments will get bigger December or in January. The bump in dollar amount won't be as large as the increase last year, however.

COLA for 2024 (Cost Of Living Adjustment) for SSI

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The latest COLA is 3.2 percent for Social Security benefits and SSI payments. Social Security benefits will increase by 3.2 percent beginning with the December 2023 benefits, which are payable in January 2024.

Federal SSI payment levels will also increase by 3.2 percent effective for payments made for January 2024.

Because the normal SSI payment date is the first of the month and January 1 is a holiday, the SSI payments for January are always made at the end of the previous December.

You'll likely see an increase of about $50.00 per check.

COLA for 2023 (Last Year)

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Benefit recipients saw a jump of 8.7% last year which was the highest increase in the last 40 years. Record high inflation was to blame for the bigger bump.

Maximum Federal Supplemental Security Income (SSI) payment amounts increase with the cost-of-living increases that apply to Social Security benefits. The latest such increase, 3.2 percent, becomes effective January 2024.

SSI amounts for 2024
The monthly maximum Federal amounts for 2024 are $943 for an eligible individual, $1,415 for an eligible individual with an eligible spouse, and $472 for an essential person.

How Many People Receive Social Security Benefits in Massachusetts?

Approximately 1.5 million people in the state of Massachusetts receive some form of Social Security benefits.

About 71 million people — including retirees, disabled people and children — receive Social Security benefits in the U.S.

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