The Social Security Administration (SSA) has unveiled the 2024 cost of living adjustment (COLA),
a calculation based on inflation aimed at preserving the purchasing power of beneficiaries.
For the upcoming year, the COLA is set at 3.2%. This adjustment will apply to the numerous monthly payments disbursed by the SSA,
encompassing benefits for retired workers, survivors, and individuals receiving disability payments.
Among these disability payments are those originating from Social Security Disability Insurance (SSDI) and the Supplemental Security Income (SSI) program.
Supplemental Security Income: An Overview and 2024 Payment Details
The Supplemental Security Income program offers monthly payments to adults and
Children with disabilities or blindness, provided they meet specific income and resource criteria.
Additionally, SSI payments are extended to individuals aged 65 or older
Who do not have disabilities but meet the financial eligibility criteria established by the SSA.
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