The Social Security Administration (SSA) will not announce the next COLA increase until October 10, 2024. An announcement does not mean eligible recipients can immediately receive the boost in their bank accounts.
As a matter of fact, if you receive retirement or SSDI benefits, you will not receive the COLA boost until January 2025. Therefore, retirees and disability insurance recipients will not be the first ones to get the Cost of Living Adjustment.
What about the COLA boost for SSI?
SSI (Supplemental Security Income) benefits are for low-income families and individuals in the United States. They will receive the COLA increase in 2024 but they will have to wait until December to enjoy it.
According to the Social Security Administration’s payment schedule, their January payment will be due on December 31, 2024. Hence, they will receive the boost before retirees and SSDI recipients get it.
However, SSI recipients will not be the first ones to receive this COLA increase in 2024. Bear in mind that some beneficiaries of a Federal program will get the boost in less than 2 months.
When will SNAP recipients receive the COLA increase?
USDA (United States Department of Agriculture), through the Food and Nutrition Service, will send the 2025 COLA increase to SNAP recipients on October 1, 2024.
Therefore, the current maximum amounts will be available through September 30, 2024. Keep in mind that this year’s COLA increase is much lower than last year’s.
For example, the maximum SNAP amount for an individual is $291 and it will soon become $292. One extra dollar will be about 12 extra dollars per month if you are a single person in your household. Thus, the boost may be a great disappointment for many Americans on Food Stamps.
Nevertheless, it could have been much worse. For 2 years in a row, Hawaii will see how their SNAP benefits do not get a cost of living adjustment increase. In fact, they will decrease.